Prohibits the formation of a subsidiary of a public authority without prior approval of the legislature; allows the formation of a subsidiary of a public authority without prior approval of the legislature if such public authority files a written notice sixty days prior to the organization of such subsidiary with the governor and the legislature.
Summary
Bill S02377 amends the public authorities law to require that any state authority must obtain legislative approval before forming a subsidiary corporation. The bill stipulates that a state authority can only organize a subsidiary if the legislature enacts a law granting such power. Alternatively, a state authority may organize a subsidiary without prior approval if it provides written notification to the governor and the legislature at least sixty days in advance of the intended organization. This notification process is designed to ensure legislative oversight of subsidiary formations.
Impact
The passage of this bill will enhance legislative oversight over the formation of subsidiary corporations by state authorities, thereby potentially limiting the autonomy of these authorities in corporate structuring. It aims to ensure that the interests of the state and its citizens are considered before any subsidiary is created, which may lead to increased accountability and transparency in public authority operations. This change could affect various public authorities that currently operate with more flexibility in forming subsidiaries.
Sentiment
The sentiment surrounding Bill S02377 appears to be largely supportive, as evidenced by its passage through the Senate Corporations, Authorities and Commissions Committee with a unanimous vote and a strong final passage in the Senate with only two dissenting votes. This indicates a general agreement among legislators on the importance of oversight in the formation of subsidiary corporations.
Contention
While the bill received broad support, there may be concerns from some public authorities about the potential delays and bureaucratic hurdles introduced by the requirement for legislative approval or advance notification. Opponents may argue that this could hinder the ability of public authorities to respond quickly to opportunities or challenges that require the formation of subsidiaries, thus impacting their operational efficiency.
Same As
Prohibits the formation of a subsidiary of a public authority without prior approval of the legislature; allows the formation of a subsidiary of a public authority without prior approval of the legislature if such public authority files a written notice sixty days prior to the organization of such subsidiary with the governor and the legislature.
Prohibits the formation of a subsidiary of a public authority without prior approval of the legislature; allows the formation of a subsidiary of a public authority without prior approval of the legislature if such public authority files a written notice sixty days prior to the organization of such subsidiary with the governor and the legislature.
Prohibits the formation of a subsidiary of a public authority without prior approval of the legislature; allows the formation of a subsidiary of a public authority without prior approval of the legislature if such public authority files a written notice sixty days prior to the organization of such subsidiary with the governor and the legislature.
Prohibits the formation of a subsidiary of a public authority without prior approval of the legislature; allows the formation of a subsidiary of a public authority without prior approval of the legislature if such public authority files a written notice sixty days prior to the organization of such subsidiary with the governor and the legislature.
Requires the metropolitan transportation authority submit to the legislature and publish on its shared internet website an annual open data plan; requires the MTA to publish all customer surveys and complaint data, incident report data, police incident and arrest data collected by the authority or any of its affiliates and subsidiaries no later than January 1, 2026.
Establishes the Hudson Valley power authority to own and operate electricity service and to create or acquire one or more wholly owned subsidiaries or membership interests in subsidiaries; establishes energy observatory corporations for studying and enabling effective community governance of power authorities; makes related provisions.
Establishes the Hudson Valley power authority to own and operate electricity service and to create or acquire one or more wholly owned subsidiaries or membership interests in subsidiaries; establishes energy observatory corporations for studying and enabling effective community governance of power authorities; makes related provisions.
Requires that one of the seven (7) directors of the Rhode Island airport corporation be appointed by the governor after the governor gives due consideration to a list of individuals submitted by the mayor of the city of Warwick.
Requires that one of the seven (7) directors of the Rhode Island airport corporation be appointed by the governor from a list of individuals submitted by the mayor of the city of Warwick.