Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 15, 2010 |
reported referred to rules |
Jan 06, 2010 |
referred to corporations, authorities and commissions |
Jan 07, 2009 |
referred to corporations, authorities and commissions |
Assembly Bill A246
2009-2010 Legislative Session
Sponsored By
MAGNARELLI
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
Actions
multi-Sponsors
David Koon
Crystal Peoples-Stokes
Robert Reilly
2009-A246 (ACTIVE) - Details
2009-A246 (ACTIVE) - Sponsor Memo
BILL NUMBER:A246 TITLE OF BILL: An act to amend the business corporation law, in relation to providing that the surviving business entity in the case of a merger between a professional service corporation and a professional service limited liability company may be a professional service limited liability company PURPOSE: To allow a surviving business entity of a merger between a professional service corporation and a professional service limited liability company to be a limited liability company. SUMMARY OF PROVISIONS: Section 1 amends section 1501 of the business corporation law, as added by chapter 974 of the laws of 1970, to create the definition of "Other business entity." Section 2 amends section 1516 of the business corporation law, as amended by chapter 851 of the laws of 1992, to providing that the surviving business entity in the case of a merger between a professional service corporation and a professional service limited liability company may be a professional service limited liability company. Section 3 establishes an effective date. JUSTIFICATION: Under current law, when a professional service corpo- ration and a professional service limited liability company merge, the
2009-A246 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 246 2009-2010 Regular Sessions I N A S S E M B L Y (PREFILED) January 7, 2009 ___________ Introduced by M. of A. MAGNARELLI -- Multi-Sponsored by -- M. of A. KOON, PEOPLES, REILLY -- read once and referred to the Committee on Corporations, Authorities and Commissions AN ACT to amend the business corporation law, in relation to providing that the surviving business entity in the case of a merger between a professional service corporation and a professional service limited liability company may be a professional service limited liability company THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 1501 of the business corporation law, as added by chapter 974 of the laws of 1970, is amended to read as follows: S 1501. Definitions. As used in this article, unless the context otherwise requires, the term: (a) "licensing authority" means the regents of the university of the state of New York or the state education department, as the case may be, in the case of all professions licensed under title eight of the education law, and the appropriate appellate division of the supreme court in the case of the profession of law. (b) "Profession" includes any practice as an attorney and counselor- at-law, or as a licensed physician, and those occupations designated in title eight of the education law. (c) "Professional service" means any type of service to the public which may be lawfully rendered by a member of a profession within the purview of his OR HER profession. (d) "Professional service corporation" means a corporation organized under this article. (e) "Officer" does not include the secretary or an assistant secretary of a corporation having only one shareholder. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD00556-01-9
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