S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10380
 
                           I N  A S S E M B L Y
 
                               May 21, 2024
                                ___________
 
 Introduced   by   COMMITTEE  ON  RULES  --  (at  request  of  M.  of  A.
   Bichotte Hermelyn) -- read once  and  referred  to  the  Committee  on
   Corporations, Authorities and Commissions
 
 AN  ACT to amend the public authorities law, in relation to requirements
   for explanatory statements regarding disposal of property
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Paragraph d of subdivision 6 of section 2897 of the public
 authorities law is amended by adding a new subparagraph (iii) to read as
 follows:
   (III) EACH SUCH STATEMENT SHALL INCLUDE THE NAMES  OF  ALL  BENEFICIAL
 OWNERS OF THE ENTITY TO WHICH THE PROPERTY IS BEING TRANSFERRED. FOR THE
 PURPOSES OF THIS SUBPARAGRAPH, "BENEFICIAL OWNER" SHALL MEAN AN INDIVID-
 UAL  WHO,  DIRECTLY  OR  INDIRECTLY,  THROUGH ANY CONTRACT, ARRANGEMENT,
 UNDERSTANDING, RELATIONSHIP OR OTHERWISE, OWNS ANY EQUITY INTEREST OF AN
 ENTITY, AND/OR HAS A LEVEL OF CONTROL OVER THE FUNDS OR  ASSETS  OF  THE
 ENTITY  THAT, AS A PRACTICAL MATTER, ENABLES THE INDIVIDUAL, DIRECTLY OR
 INDIRECTLY, TO CONTROL, MANAGE OR DIRECT THE ENTITY AND THE USE  OF  ITS
 FUNDS AND ASSETS OR ANY PART THEREOF.
   §  2.  Subparagraphs  (v)  and (vi) of paragraph b of subdivision 7 of
 section 2897 of the public authorities law, as added by chapter  506  of
 the  laws  of 2009, are amended and a new subparagraph (vii) is added to
 read as follows:
   (v) the names of any private parties participating  in  the  transfer,
 and  if  different  than  the statement required by subparagraph (iv) of
 this paragraph, a statement of the value to the private party; [and]
   (vi) the names of other private parties who have  made  an  offer  for
 such  asset,  the value offered, and the purpose for which the asset was
 sought to be used[.]; AND
   (VII) THE NAMES OF ALL BENEFICIAL OWNERS OF THE ENTITY  TO  WHICH  THE
 PROPERTY  IS  BEING  TRANSFERRED. FOR THE PURPOSES OF THIS SUBPARAGRAPH,
 "BENEFICIAL OWNER" SHALL MEAN AN INDIVIDUAL WHO, DIRECTLY OR INDIRECTLY,
 THROUGH ANY CONTRACT, ARRANGEMENT, UNDERSTANDING, RELATIONSHIP OR OTHER-
 WISE, OWNS ANY EQUITY INTEREST OF AN  ENTITY,  AND/OR  HAS  A  LEVEL  OF
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD03882-01-3
 A. 10380                            2
 
 CONTROL  OVER  THE  FUNDS  OR  ASSETS OF THE ENTITY THAT, AS A PRACTICAL
 MATTER, ENABLES THE INDIVIDUAL,  DIRECTLY  OR  INDIRECTLY,  TO  CONTROL,
 MANAGE  OR  DIRECT THE ENTITY AND THE USE OF ITS FUNDS AND ASSETS OR ANY
 PART THEREOF.
   §  3.  This  act  shall  take  effect  immediately  and shall apply to
 disposals and contracts for disposal of property  occurring  or  entered
 into on or after such date.