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.
