Bill > S00979

This bill amends the Public Authorities Law to prohibit the formation of a subsidiary of a public authority without prior approval of the legislature, except that a public authority can form a subsidiary without such approval if it provides written notification to the governor, the Speaker of the Assembly, and the Temporary President of the Senate at least 60 days prior to the organization of the subsidiary. The legislature or governor can deny the formation of the subsidiary during this 60-day period. The bill also requires any subsidiary corporation to make the same reports and disclosures as the parent public authority, unless the subsidiary's operations and finances are consolidated with the parent authority.