NY A42014

Amends Public Authorities Law Section 1678 to grant the Dormitory Authority of the State of New York power to form a subsidiary corporation for purposes of limiting liability when enforcing remedies against North General Hospital, a defaulted secured borrower in Manhattan.

Authorizes the subsidiary to exercise authority powers regarding real and personal property securing the hospital's loan, including bidding for property, holding and selling title, entering into leases and operating agreements, and assuming indebtedness related to the collateral.

Requires the subsidiary to be established as a public benefit corporation with the same members and immunities as the parent authority, with a certificate of incorporation filed with the Secretary of State.

Protects the authority from liability for subsidiary actions and obligations unless the authority expressly agrees to assume them; subsidiary actions do not impair the validity of authority bonds or other obligations.

Takes effect immediately upon enactment.