Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jul 15, 2010 |
signed chap.216 |
Jul 09, 2010 |
delivered to governor |
Jun 16, 2010 |
returned to senate passed assembly ordered to third reading cal.877 substituted for a10930 |
Jun 16, 2010 |
substituted by s7444 |
May 13, 2010 |
advanced to third reading cal.877 |
May 11, 2010 |
reported |
May 04, 2010 |
referred to banks |
Assembly Bill A10930
Signed By Governor2009-2010 Legislative Session
Sponsored By
BENJAMIN
Archive: Last Bill Status Via S7444 - Signed by Governor
- 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
Actions
Votes
co-Sponsors
David Weprin
multi-Sponsors
Darryl Towns
2009-A10930 (ACTIVE) - Details
- See Senate Version of this Bill:
- S7444
- Law Section:
- Banking Law
- Laws Affected:
- Amd §§4001 & 6021, Bank L
2009-A10930 (ACTIVE) - Sponsor Memo
BILL NUMBER:A10930 TITLE OF BILL: An act to amend the banking law, in relation to authorized and unissued shares of banks, trust companies, stock-form savings banks, savings and loan associations and investment companies and to change the presumption as to preemptive rights for shareholders of such institutions PURPOSE: This bill would modernize certain provisions of the Banking Law by: (1) allowing various banking institutions to hold authorized but unissued shares; and (2) conforming the Banking Law to the Business Corporation Law with respect to preemptive rights. SUMMARY OF PROVISIONS: Section 1 of the bill would amend Banking Law § 4001 to allow banks, trust companies, stock-form savings banks, savings and loan associ- ations, safe deposit companies and investment companies to have author- ized but unissued shares. In particular, this section of the bill would allow such institutions to have authorized shares sufficient to meet expected needs of any initial offering or such other amount as permitted by the Banking Board.
2009-A10930 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 10930 I N A S S E M B L Y May 4, 2010 ___________ Introduced by M. of A. BENJAMIN -- Multi-Sponsored by -- M. of A. TOWNS -- (at request of the Banking Department) -- read once and referred to the Committee on Banks AN ACT to amend the banking law, in relation to authorized and unissued shares of banks, trust companies, stock-form savings banks, savings and loan associations and investment companies and to change the presumption as to preemptive rights for shareholders of such insti- tutions THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 3 of section 4001 of the banking law, as amended by chapter 360 of the laws of 1984, is amended to read as follows: 3. The amount of its AUTHORIZED capital stock, the number of shares into which such capital stock shall be divided and the par value of the shares, which capital stock shall amount to not less than the [amounts] MINIMUM AMOUNT prescribed by the banking board, NOR MORE THAN THE AGGRE- GATE OF (A) THE AMOUNT OF CAPITAL STOCK THE CORPORATION EXPECTS TO SELL IN ITS INITIAL OFFERING OF SHARES AND (B) SUCH ADDITIONAL AMOUNT AS MAY BE APPROVED BY THE BANKING BOARD. S 2. Subdivisions 1, 2, 3, 4 and 5 of section 6021 of the banking law, as added by chapter 849 of the laws of 1964, paragraph (b) of subdivi- sion 5 as amended by chapter 315 of the laws of 2008, are amended to read as follows: 1. As used in this section, the term: (a) "Unlimited dividend rights" means the right without limitation as to amount either to all or to a share of the balance of current or liquidating dividends after the payment of dividends on any shares enti- tled to a preference. (b) "Equity shares" means shares of any class, whether or not preferred as to dividends or assets, which have unlimited dividend rights. (c) "Voting rights" means the right to vote for the election of one or more directors, excluding a right so to vote which is dependent on the EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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