S 2555: Requires explanatory statements regarding disposal of property to include the names of all beneficial owners.

  
  STATE OF NEW YORK ________________________________________________________________________ 2555 2025-2026 Regular Sessions  IN SENATE January 21, 2025 ___________ Introduced by Sen. COMRIE -- read twice and ordered printed, and when printed to be committed 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, EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD05205-01-5 
 S. 2555 2 1 "beneficial owner" shall mean an individual who, directly or indirectly, 2 through any contract, arrangement, understanding, relationship or other- 3 wise, owns any equity interest of an entity, and/or has a level of 4 control over the funds or assets of the entity that, as a practical 5 matter, enables the individual, directly or indirectly, to control, 6 manage or direct the entity and the use of its funds and assets or any 7 part thereof. 8 § 3. This act shall take effect immediately and shall apply to 9 disposals and contracts for disposal of property occurring or entered 10 into on or after such date.