Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 03, 2024 |
referred to governmental employees |
Apr 03, 2023 |
referred to governmental employees |
Assembly Bill A6227
2023-2024 Legislative Session
Sponsored By
WEPRIN
Current 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
co-Sponsors
Harry B. Bronson
William Colton
2023-A6227 (ACTIVE) - Details
- Current Committee:
- Assembly Governmental Employees
- Law Section:
- Business Corporation Law
- Laws Affected:
- Add §631, BC L; ren §179-a to be §179-b, add §179-a, R & SS L
2023-A6227 (ACTIVE) - Summary
Authorizes a public retirement system, as defined in section 501 of the retirement and social security law, mutual fund, or other institutional investor to bring actions for damages sustained due to the commission of certain prohibited and criminal acts in violation of the Martin Act (Fraudulent Practice in Respect to Stocks, Bonds and other Securities).
2023-A6227 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6227 2023-2024 Regular Sessions I N A S S E M B L Y April 3, 2023 ___________ Introduced by M. of A. WEPRIN, BRONSON, COLTON -- read once and referred to the Committee on Governmental Employees AN ACT to amend the business corporation law and the retirement and social security law, in relation to authorizing certain actions by institutional investors THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The business corporation law is amended by adding a new section 631 to read as follows: § 631. ACTION BY CERTAIN MUTUAL FUNDS AND OTHER INSTITUTIONAL INVESTORS. (A) ANY MUTUAL FUND OR OTHER INSTITUTIONAL INVESTOR INCORPORATED UNDER THE LAWS OF THIS STATE OR WHICH MAINTAINS ITS PRINCIPAL PLACE OF BUSI- NESS IN THIS STATE, THAT IS DAMAGED IN CONNECTION WITH THE PURCHASE OR SALE OF A SECURITY AS A RESULT OF THE COMMISSION OF ANY ACT PROHIBITED BY SECTION THREE HUNDRED FIFTY-TWO-C OF THE GENERAL BUSINESS LAW, MAY BRING AN ACTION FOR DAMAGES AGAINST ANY PERSON, PARTNERSHIP, CORPO- RATION, COMPANY, LIMITED LIABILITY COMPANY, TRUST, OR ASSOCIATION THAT COMMITTED OR PARTICIPATED IN THE COMMISSION OF SUCH PROHIBITED ACT. (B) NO MUTUAL FUND OR OTHER INSTITUTIONAL INVESTOR THAT HAD FEWER THAN FIVE HUNDRED BENEFICIARIES AT THE TIME OF THE PURCHASE OR SALE OF THE SECURITY MAY BRING AN ACTION UNDER THIS SECTION. (C) WITH RESPECT TO ALLEGATIONS THAT A REPRESENTATION OR STATEMENT WAS FALSE, THE PLAINTIFF WITH RESPECT TO ALLEGATIONS REQUIRED TO PLEAD AND PROVE THAT THE PERSON WHO MADE SUCH STATEMENT: (I) KNEW THE TRUTH; (II) WITH REASONABLE EFFORT COULD HAVE KNOWN THE TRUTH; (III) MADE NO REASON- ABLE EFFORT TO ASCERTAIN THE TRUTH; OR (IV) DID NOT HAVE KNOWLEDGE CONCERNING THE REPRESENTATION OR STATEMENT MADE. WITH RESPECT TO ALLEGA- TIONS OF ANY OTHER NATURE, THE PLAINTIFF IS REQUIRED TO PLEAD AND PROVE THAT THE PERSON ACTED WITH NEGLIGENCE. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09899-01-3 A. 6227 2
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