Senate Bill S1443

2013-2014 Legislative Session

Prohibits the formation of a subsidiary of a public authority without prior approval of the legislature

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Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2013-S1443 (ACTIVE) - Details

See Assembly Version of this Bill:
A1599
Current Committee:
Assembly Corporations, Authorities And Commissions
Law Section:
Public Authorities Law
Laws Affected:
Amd §2827-a, Pub Auth L
Versions Introduced in Other Legislative Sessions:
2009-2010: S3919, A4298
2011-2012: S4690, A3228
2015-2016: S2054, S6591, A4729
2017-2018: S4280, A7049
2019-2020: S3090, A3089
2021-2022: S5137, A4078
2023-2024: S979, A1768

2013-S1443 (ACTIVE) - Summary

Prohibits the formation of a subsidiary of a public authority without prior approval of the legislature.

2013-S1443 (ACTIVE) - Sponsor Memo

2013-S1443 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  1443

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced by Sens. FLANAGAN, MARTINS -- read twice and ordered printed,
  and  when  printed  to  be committed to the Committee on Corporations,
  Authorities and Commissions

AN ACT to amend the public authorities law, in relation  to  prohibiting
  the  formation  of  a  subsidiary  of a public authority without prior
  permission of the legislature

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Subdivision 1 of section 2827-a of the public authorities
law, as added by chapter 506 of the laws of 2009, is amended to read  as
follows:
  1.  Notwithstanding  any law to the contrary, no state authority shall
hereafter have the power to organize any subsidiary  corporation  unless
the  legislature  shall have enacted a law granting such state authority
such power for the organization of a  specific  corporation[,  provided,
however,  that  a  state authority may organize a subsidiary corporation
pursuant to the following requirements:
  a. the purpose for which the subsidiary corporation shall be organized
shall be for a project or projects which the  state  authority  has  the
power to pursue pursuant to its corporate purposes;
  b.  the  primary  reason for which the subsidiary corporation shall be
organized shall be to  limit  the  potential  liability  impact  of  the
subsidiary's  project  or  projects on the authority or because state or
federal law requires that the purpose  of  a  subsidiary  be  undertaken
through a specific corporate structure; and
  c.  the].  ANY subsidiary corporation shall make the reports and other
disclosures as are required of state authorities, unless the  subsidiary
corporation's operations and finances are consolidated with those of the
authority of which it is a subsidiary.
  S 2. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
              

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