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NY S04280

Bill

Official Source

Status

Engrossed

5/15/2017

Primary Sponsor

Michael Ranzenhofer

Click for details

Origin

Senate

2017-2018 General Assembly

AI Summary

  • Amends Public Authorities Law Section 2827-a to require state authorities to obtain legislative approval before organizing any subsidiary corporation.

  • Removes existing exceptions that allowed subsidiary creation for liability limitation purposes or when required by state or federal law.

  • Requires all subsidiary corporations to make reports and disclosures required of state authorities, unless their operations and finances are consolidated with the parent authority.

  • Takes effect immediately upon enactment.

Legislative Description

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

Last Action

COMMITTED TO RULES

6/20/2018

Committee Referrals

Rules6/20/2018
Corporations, Authorities and Commissions1/3/2018
Corporations, Authorities and Commissions5/15/2017
Corporations, Authorities and Commissions2/8/2017

Full Bill Text

No bill text available