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A02922 Summary:

BILL NO    A02922 

SAME AS    No same as 

SPONSOR    Wright

COSPNSR    

MLTSPNSR   

Amd S111, Pub Serv L

Changes the standard for annually reporting of stock interests by public
utilities to the public service commission from those stockholders with 1% or
more of the voting capital stock to those with 10% or more; provides for
reporting of such interests when held by a trustee, other intermediate agency
or another corporation.
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A02922 Text:

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________

                                         2922

                              2013-2014 Regular Sessions

                                 I N  A S S E M B L Y

                                   January 22, 2013
                                      ___________

       Introduced by M. of A. WRIGHT -- read once and referred to the Committee
         on Corporations, Authorities and Commissions

       AN  ACT  to amend the public service law, in relation to the information
         included in the annual reports submitted by public utilities

         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:

    1    Section  1. Section 111 of the public service law, as added by chapter
    2  761 of the laws of 1930 and the opening paragraph of  subdivision  1  as
    3  amended  by  chapter  855  of  the  laws  of 1945, is amended to read as
    4  follows:
    5    S 111. Additional information in annual reports; disclosure of  stock-
    6  holdings.    1.  Every  PUBLIC UTILITY COMPANY SHALL STATE IN ITS annual
    7  report [of any utility corporation reporting under this chapter  to  the
    8  public service commission shall contain, in addition to any other infor-
    9  mation  required  to  be  included  by or pursuant to law, the following
   10  information:
   11    a. It shall state] the name and address of, and the number  of  shares
   12  held by, each holder of [one] TEN per centum or more of [the] ITS voting
   13  capital  [of the reporting corporation, according to] STOCK AS SET FORTH
   14  IN its records.
   15    [b. Where one] IN THE EVENT THAT A TRUSTEE, OTHER INTERMEDIATE AGENCY,
   16  OR ANOTHER CORPORATION HOLDS TEN per centum or more of the voting  capi-
   17  tal  stock  [of  the reporting corporation is held by a trustee or trus-
   18  tees, or other intermediate agency,] for the beneficial interest  of  an
   19  owner  [or  owners,]  other than the holder of record[, or where one per
   20  centum or more of the voting capital stock of the reporting  corporation
   21  is held by another corporation], such PUBLIC UTILITY COMPANY SHALL STATE
   22  IN ITS annual report [shall state], if the information is available from
   23  [the]  ITS  records  [of  the  reporting  corporation], the names [and],
   24  addresses and respective interests of such beneficial owners[,  and  the
   25  names  and  addresses  of  the  officers and directors of any such other

        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD00693-01-3
       A. 2922                             2

    1  corporation and the total number of shares of capital stock thereof held
    2  by each, showing separately the number of shares of the  voting  capital
    3  stock, and the names and addresses and respective stockholdings of every
    4  stockholder  of such other corporation holding one per centum or more of
    5  its voting capital stock. Such report shall be accompanied by  a  certi-
    6  fied  copy  of  each trust agreement or other instrument under which any
    7  voting capital stock of the reporting corporation is held].
    8    2. [Where] IN THE EVENT THAT the information specified  in  [paragraph
    9  "b"  of  the foregoing] subdivision ONE OF THIS SECTION is not available
   10  from the records of the [reporting corporation,] PUBLIC UTILITY COMPANY,
   11  THE COMMISSION MAY REQUIRE any [such] holder[,] of  record[,]  of  [one]
   12  TEN  per  centum  or  more of the voting capital stock of the [reporting
   13  corporation, if ordered so to do by the commission,  shall]  COMPANY  TO
   14  file  [with  the commission,] a sworn statement, in such form and [to be
   15  filed] within such time as the commission shall prescribe, setting forth
   16  whether or not any of such stock [held by him or it] is  [so]  held  for
   17  the  beneficial  ownership of any person, firm or corporation other than
   18  the record holder thereof[,] and[, if stated to be so held,] the  names,
   19  addresses  and respective interests of such beneficial owners.  [If such
   20  stockholder is a trustee, he or it also shall file with such statement a
   21  certified copy of the trust agreement or other  instrument  under  which
   22  such stock is held. A corporation which is the holder, of record, of one
   23  per  centum  or more of the voting capital stock of the reporting corpo-
   24  ration, if ordered so to do by the commission, and regardless of whether
   25  the information is or is not available or apparently available from  the
   26  records  of  the reporting corporation, also shall file with the commis-
   27  sion a sworn statement, in such form and to be filed within such time as
   28  the commission shall prescribe, or shall include in the sworn statement,
   29  if any, required to be filed by it pursuant to other provisions of  this
   30  subdivision  a  statement  setting  forth the names and addresses of its
   31  officers and directors and the total number of  shares  of  its  capital
   32  stock,  held  by  each,  showing  separately the number of shares of the
   33  voting capital stock, and the names and addresses and respective  stock-
   34  holdings  of every stockholder thereof holding one per centum or more of
   35  its voting capital stock.]
   36    3. If the annual report[,] or [the] SUCH  sworn  statements  [provided
   37  for in subdivision two,] do not furnish the information desired, because
   38  of  any  chain  of successive ownership or of stockholdings, [or because
   39  of] any intermediate agency [or agencies, or for] OR any  other  reason,
   40  the  commission[, by order,] may require [similar] SUCH sworn statements
   41  from any person or corporation who  or  which  can  give  the  necessary
   42  information[,  as  the  commission may have discovered from its investi-
   43  gations, to the end that the  commission  may]  IN  ORDER  TO  obtain  a
   44  complete disclosure of the [natural] persons, firms or corporations, and
   45  their  respective  interests,  who  or  which own or control directly or
   46  indirectly [one] TEN per centum or more of the voting capital  stock  of
   47  [the reporting corporation] A PUBLIC UTILITY COMPANY.
   48    S 2. This act shall take effect immediately.
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