Bill > A01768

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 in cases where the public authority provides written notification of its intention to organize such a subsidiary 60 days prior to the organization. The bill allows the legislature or the governor to deny the formation of the subsidiary during that 60-day period. The bill also requires the subsidiary corporation to make the same reports and disclosures as the parent public authority, unless the subsidiary's operations and finances are consolidated with those of the parent authority.