New York S 1410: Relates to reviews by the authorities budget office

Bill Text

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S01410 Summary:

BILL NOS01410 

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SAME ASNo Same As

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SPONSORRYAN S

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COSPNSR

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MLTSPNSR

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Add §9, amd §§2800, 2824 & 6, Pub Auth L; amd §104, N-PC L

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Relates to reviews by the authorities budget office; grants the authorities budget office the authority to commence an action or special proceeding to annul the corporate existence or dissolve a corporation that has acted beyond its capacity or power; makes related provisions.

Go to top S01410 Actions:

BILL NOS01410 

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01/09/2025REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

02/11/20251ST REPORT CAL.314

02/12/20252ND REPORT CAL.

02/24/2025ADVANCED TO THIRD READING 

02/25/2025PASSED SENATE

02/25/2025DELIVERED TO ASSEMBLY

02/25/2025referred to corporations, authorities and commissions

Go to topS01410 Committee&nbspVotes:

Go to topS01410 Floor&nbspVotes:

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

Go to topS01410 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1410

 2025-2026 Regular Sessions

 IN SENATE

 January 9, 2025
 ___________

 Introduced by Sen. S. RYAN -- 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 and the not-for-profit corpo-
 ration law, in relation to reviews by the authorities budget office
 and granting the authorities budget office the authority to commence
 an action or special proceeding to annul the corporate existence or
 dissolve a corporation that has acted beyond its capacity or power or
 to restrain it from carrying on unauthorized activities

 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 9 to read as follows:
 3 § 9. Reports of public authorities by authorities budget office;
 4 recommendations for corrective action. Whenever the authorities budget
 5 office issues a letter or report regarding the activities and operations
 6 of any public authority, the head of the public authority which the
 7 letter or report was about shall submit a written response to the letter
 8 or report within thirty days of the receipt of the letter or report. If
 9 the letter or report makes recommendations for corrective action, such
 10 head shall report within one hundred eighty days after receipt thereof
 11 to the authorities budget office what steps were taken to implement such
 12 recommendations, and, where recommendations were not implemented, the
 13 reasons therefor. Failure to comply with the provisions of this section
 14 shall make the authority delinquent in its reporting requirements.
 15 § 2. Subdivision 3 of section 2800 of the public authorities law, as
 16 amended by chapter 766 of the laws of 2005, is amended to read as
 17 follows:
 18 3. Every financial report submitted under this section shall be
 19 approved by the board and shall be certified, under penalty of perjury,
 20 in writing by the chief executive officer and the chief financial offi-

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04274-01-5

 S. 1410 2

 1 cer of such authority that based on the officer's knowledge (a) the
 2 information provided therein is accurate, correct and does not contain
 3 any untrue statement of material fact; (b) does not omit any material
 4 fact which, if omitted, would cause the financial statements to be
 5 misleading in light of the circumstances under which such statements are
 6 made; and (c) fairly presents in all material respects the financial
 7 condition and results of operations of the authority as of, and for, the
 8 periods presented in the financial statements. A knowing and willful
 9 violation of this section shall constitute perjury in the third degree.
 10 § 3. Subdivision 2 of section 2824 of the public authorities law, as
 11 added by section 766 of the laws of 2005, is amended to read as follows:
 12 2. (a) Individuals appointed to the board of a public authority shall
 13 participate in state approved training regarding their legal, fiduciary,
 14 financial and