Assembly Bill A4729

2015-2016 Legislative Session

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

download bill text pdf

Sponsored By

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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

co-Sponsors

multi-Sponsors

2015-A4729 (ACTIVE) - Details

See Senate Version of this Bill:
S6591
Current Committee:
Assembly Corporations, Authorities And Commissions
Law Section:
Public Authorities Law
Laws Affected:
Amd ยง2827-a, Pub Auth L
Versions Introduced in Other Legislative Sessions:
2009-2010: A4298, S3919
2011-2012: A3228, S4690
2013-2014: A1599, S1443
2017-2018: A7049, S4280
2019-2020: A3089, S3090
2021-2022: A4078, S5137
2023-2024: A1768, S979

2015-A4729 (ACTIVE) - Summary

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

2015-A4729 (ACTIVE) - Bill Text download pdf 

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

                                  4729

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            February 5, 2015
                               ___________

Introduced  by  M. of A. COLTON, ZEBROWSKI, JAFFEE, ABINANTI, BRONSON --
  Multi-Sponsored by -- M. of A.  LOPEZ,  McDONOUGH  --  read  once  and
  referred 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.
                                                           LBD05205-01-5

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.