S03771 Summary:

BILL NOS03771A
 
SAME ASSAME AS A03460-A
 
SPONSORVALESKY
 
COSPNSRAVELLA
 
MLTSPNSR
 
Amd §§1503, 1507 & 1514, BC L
 
Provides for expanded ownership in design professional corporations by employee stock ownership plans and non-licensed employees.
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S03771 Actions:

BILL NOS03771A
 
01/26/2017REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS
03/03/2017AMEND AND RECOMMIT TO CORPORATIONS, AUTHORITIES AND COMMISSIONS
03/03/2017PRINT NUMBER 3771A
01/03/2018REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS
06/05/2018COMMITTEE DISCHARGED AND COMMITTED TO RULES
06/06/2018ORDERED TO THIRD READING CAL.1550
06/06/2018PASSED SENATE
06/06/2018DELIVERED TO ASSEMBLY
06/06/2018referred to higher education
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S03771 Committee Votes:

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S03771 Floor Votes:

There are no votes for this bill in this legislative session.
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S03771 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         3771--A
 
                               2017-2018 Regular Sessions
 
                    IN SENATE
 
                                    January 26, 2017
                                       ___________
 
        Introduced  by  Sen. VALESKY -- read twice and ordered printed, and when
          printed to be committed to the Committee on Corporations,  Authorities
          and   Commissions  --  committee  discharged,  bill  amended,  ordered
          reprinted as amended and recommitted to said committee
 
        AN ACT to amend the business corporation law, in relation  to  providing
          for expanded ownership in design professional corporations by employee
          stock ownership plans and non-licensed employees
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Subparagraphs (i) and (ii) of paragraph  (b-1)  of  section
     2  1503  of  the  business  corporation law, as added by chapter 550 of the
     3  laws of 2011, are amended to read as follows:
     4    (i) greater than seventy-five percent of  the  outstanding  shares  of
     5  stock  of  the corporation are owned by design professionals and an ESOP
     6  (or ESOPs) with greater than seventy-five percent of the  plan's  voting
     7  trustees  and  greater than seventy-five percent of the plan's committee
     8  members being design professionals,
     9    (ii) an ESOP, either in part or in its entirety, shall not  constitute
    10  part  of  the  greater than seventy-five percent owned by design profes-
    11  sionals unless greater than seventy-five percent of  the  plan's  voting
    12  trustees  and  greater than seventy-five percent of the plan's committee
    13  members are design professionals,
    14    § 2. Subparagraphs (i) and (ii) of paragraph (b) of  section  1507  of
    15  the  business  corporation  law,  as added by chapter 550 of the laws of
    16  2011, are amended to read as follows:
    17    (i) greater than seventy-five percent of  the  outstanding  shares  of
    18  stock  of  the corporation are owned by design professionals and an ESOP
    19  (or ESOPs) with greater than seventy-five percent of the  plan's  voting
    20  trustees  and  greater than seventy-five percent of the plan's committee
    21  members being design professionals,
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09028-02-7

        S. 3771--A                          2
 
     1    (ii) an ESOP, either in part or in its entirety, shall not  constitute
     2  part  of  the  greater than seventy-five percent owned by design profes-
     3  sionals unless greater than seventy-five percent of  the  plan's  voting
     4  trustees  and  greater than seventy-five percent of the plan's committee
     5  members are design professionals,
     6    § 3. Subparagraph (i) of paragraph (b) of section 1514 of the business
     7  corporation law, as added by chapter 550 of the laws of 2011, is amended
     8  to read as follows:
     9    (i)  greater  than  seventy-five  percent of the outstanding shares of
    10  stock of the corporation are and were owned by design professionals  and
    11  an  ESOP (or ESOPs) with greater than seventy-five percent of the plan's
    12  voting trustees and greater than  seventy-five  percent  of  the  plan's
    13  committee members being design professionals,
    14    § 4. This act shall take effect immediately.
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