New York A 7223: Relates to requirements for explanatory statements regarding disposal of property

Bill Text

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A07223 Summary:

BILL NOA07223 

&nbsp

SAME ASSAME AS S02555

&nbsp

SPONSORBichotte Hermelyn

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §2897, Pub Auth L

&nbsp

Requires explanatory statements regarding disposal of property to include the names of all beneficial owners.

Go to top A07223 Actions:

BILL NOA07223 

&nbsp

03/21/2025referred to corporations, authorities and commissions

01/07/2026referred to corporations, authorities and commissions

Go to topA07223 Committee&nbspVotes:

Go to topA07223 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA07223 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7223

 2025-2026 Regular Sessions

 IN ASSEMBLY

 March 21, 2025
 ___________

 Introduced by 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:

 1 Section 1. Paragraph d of subdivision 6 of section 2897 of the public
 2 authorities law is amended by adding a new subparagraph (iii) to read as
 3 follows:
 4 (iii) Each such statement shall include the names of all beneficial
 5 owners of the entity to which the property is being transferred. For the
 6 purposes of this subparagraph, "beneficial owner" shall mean an individ-
 7 ual who, directly or indirectly, through any contract, arrangement,
 8 understanding, relationship or otherwise, owns any equity interest of an
 9 entity, and/or has a level of control over the funds or assets of the
 10 entity that, as a practical matter, enables the individual, directly or
 11 indirectly, to control, manage or direct the entity and the use of its
 12 funds and assets or any part thereof.
 13 § 2. Subparagraphs (v) and (vi) of paragraph b of subdivision 7 of
 14 section 2897 of the public authorities law, as added by chapter 506 of
 15 the laws of 2009, are amended and a new subparagraph (vii) is added to
 16 read as follows:
 17 (v) the names of any private parties participating in the transfer,
 18 and if different than the statement required by subparagraph (iv) of
 19 this paragraph, a statement of the value to the private party; [and]
 20 (vi) the names of other private parties who have made an offer for
 21 such asset, the value offered, and the purpose for which the asset was
 22 sought to be used[.]; and
 23 (vii) the names of all beneficial owners of the entity to which the
 24 property is being transferred. For the purposes of this subparagraph,
 25 "beneficial owner" shall mean an individual who, directly or indirectly,

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05205-01-5

 A. 7223 2

 1 through any contract, arrangement, understanding, relationship or other-
 2 wise, owns any equity interest of an entity, and/or has a level of
 3 control over the funds or assets of the entity that, as a practical
 4 matter, enables the individual, directly or indirectly, to control,
 5 manage or direct the entity and the use of its funds and assets or any
 6 part thereof.
 7 § 3. This act shall take effect immediately and shall apply to
 8 disposals and contracts for disposal of property occurring or entered
 9 into on or after such date.

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