Bill Text: NY S04690 | 2011-2012 | General Assembly | Introduced

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

Spectrum: Partisan Bill (Republican 2-0)

Status: (Engrossed - Dead) 2012-06-21 - referred to corporations, authorities and commissions [S04690 Detail]

Download: New_York-2011-S04690-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4690
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                    April 14, 2011
                                      ___________
       Introduced  by Sen. FLANAGAN -- read twice and ordered printed, and when
         printed to be committed 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:
    1    Section 1. The public authorities law  is  amended  by  adding  a  new
    2  section 2829 to read as follows:
    3    S  2829.  SUBSIDIARIES  OF PUBLIC AUTHORITIES.  1. NOTWITHSTANDING ANY
    4  OTHER PROVISION OF LAW TO THE CONTRARY, NO  PUBLIC  BENEFIT  CORPORATION
    5  SHALL ESTABLISH A SUBSIDIARY CORPORATION WITHOUT STATUTORY CODIFICATION.
    6    2.  NOTWITHSTANDING THE PROVISIONS OF SUBDIVISION ONE OF THIS SECTION,
    7  ANY SUBSIDIARY OF A PUBLIC AUTHORITY DULY AND LAWFULLY FORMED  PRIOR  TO
    8  THE  FIRST  DAY  OF  JULY,  TWO THOUSAND TWELVE, SHALL BE DEEMED TO BE A
    9  PUBLIC AUTHORITY UNDER THE TERMS OF THIS  CHAPTER,  AND  NOTWITHSTANDING
   10  ANY  OTHER PROVISION OF LAW TO THE CONTRARY, SHALL BE SUBJECT TO ALL THE
   11  REQUIREMENTS, DUTIES AND RESPONSIBILITIES PROVIDED IN THIS CHAPTER.
   12    3. ON OR BEFORE THE THIRTY-FIRST DAY OF MARCH, TWO THOUSAND  THIRTEEN,
   13  ANY  SUBSIDIARY  PUBLIC  BENEFIT  CORPORATION,  IN  COOPERATION WITH ITS
   14  PARENT PUBLIC BENEFIT CORPORATION, SHALL PROVIDE  TO  THE  CHAIRMAN  AND
   15  RANKING MINORITY MEMBER OF THE SENATE FINANCE COMMITTEE AND THE CHAIRMAN
   16  AND  RANKING MINORITY MEMBER OF THE ASSEMBLY WAYS AND MEANS COMMITTEE, A
   17  REPORT ON THE SUBSIDIARY PUBLIC BENEFIT CORPORATION. SUCH  REPORT  SHALL
   18  INCLUDE FOR EACH SUBSIDIARY:
   19    (A)  THE  COMPLETE  LEGAL NAME, ADDRESS AND CONTACT INFORMATION OF THE
   20  SUBSIDIARY;
   21    (B) THE STRUCTURE OF THE ORGANIZATION OF THE SUBSIDIARY, INCLUDING THE
   22  NAMES AND TITLES OF EACH OF ITS MEMBERS, DIRECTORS AND OFFICERS, AS WELL
   23  AS A CHART OF ITS ORGANIZATIONAL STRUCTURE;
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07376-01-1
       S. 4690                             2
    1    (C) THE COMPLETE BYLAWS AND LEGAL ORGANIZATION PAPERS OF  THE  SUBSID-
    2  IARY;
    3    (D) A COMPLETE REPORT OF THE PURPOSE, OPERATIONS, MISSION AND PROJECTS
    4  OF  THE SUBSIDIARY, INCLUDING A STATEMENT OF JUSTIFICATION AS TO WHY THE
    5  SUBSIDIARY IS NECESSARY TO CONTINUE ITS OPERATIONS FOR THE PUBLIC  BENE-
    6  FIT FOR THE PEOPLE OF THE STATE OF NEW YORK; AND
    7    (E)  ANY  OTHER  INFORMATION THE SUBSIDIARY PUBLIC BENEFIT CORPORATION
    8  DEEMS IMPORTANT TO INCLUDE IN SUCH REPORT.
    9    S 2. This act shall take effect immediately.