Bill > A02479

This bill modifies the existing public authorities law to change the process by which state authorities can create subsidiary corporations. Previously, state authorities were required to obtain specific legislative approval to form a subsidiary, with restrictions on the subsidiary's purpose. Under the new bill, a state authority can now form a subsidiary without prior legislative approval, provided that it submits a written notification to the governor, speaker of the assembly, and temporary president of the senate at least 60 days before the subsidiary's organization. During this 60-day period, the governor or either house of the legislature can deny the subsidiary's formation through a signed certification or resolution. The notification process applies differently depending on when it is submitted, with special provisions for notifications made between January and March. The bill maintains a requirement that subsidiary corporations must make the same reports and disclosures as their parent state authority, unless their operations and finances are already consolidated with the parent authority. The legislation is designed to provide more flexibility for state authorities while still maintaining legislative oversight of subsidiary creation.