N.Y. Business Corporation Law 1514 – Triennial statement
§ 1514. Triennial statement.
Terms Used In N.Y. Business Corporation Law 1514
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Design professional: means an individual licensed and registered pursuant to title eight of the education law to practice professional engineering, architecture, landscape architecture, geology or land surveying. See N.Y. Business Corporation Law 1501
- licensing authority: means the regents of the university of the state of New York or the state education department, as the case may be, in the case of all professions licensed under title eight of the education law, and the appropriate appellate division of the supreme court in the case of the profession of law. See N.Y. Business Corporation Law 1501
- Profession: includes any practice as an attorney and counselor-at-law, or as a licensed physician, and those occupations designated in title eight of the education law. See N.Y. Business Corporation Law 1501
- Professional service: means any type of service to the public which may be lawfully rendered by a member of a profession within the purview of his or her profession. See N.Y. Business Corporation Law 1501
- Professional service corporation: means a corporation organized under this article. See N.Y. Business Corporation Law 1501
(a) Each professional service corporation shall, at least once every three years on or before the date prescribed by the licensing authority, furnish a statement to the licensing authority listing the name and residence address of each shareholder, director and officer of such corporation and certifying that all such individuals are authorized by law in this state to practice a profession which such corporation is authorized to practice. The statement shall be signed by the president or any vice-president of the corporation and attested to by the secretary or any assistant secretary of the corporation.
(b) Each design professional service corporation shall, at least once every three years on or before the date prescribed by the licensing authority, furnish a statement to the licensing authority listing the names and residence addresses of each shareholder, director and officer of such corporation and certify as the date of certification and at all times over the entire three year period that:
* (i) greater than seventy-five percent of the outstanding shares of stock of the corporation are and were owned by design professionals,
* NB Effective until July 21, 2024
* (i) greater than seventy-five percent of the outstanding shares of stock of the corporation are and were owned by design professionals and an ESOP (or ESOPs) with greater than seventy-five percent of the plan's voting trustees or greater than seventy-five percent of the plan's committee members being design professionals,
* NB Effective July 21, 2024
(ii) greater than seventy-five percent of the directors are and were design professionals,
(iii) greater than seventy-five percent of the officers are and were design professionals,
(iv) the president, the chairperson of the board of directors and the chief executive officer or officers are and were design professionals, and
(v) the single largest shareholder is and was either a design professional or an ESOP with greater than seventy-five percent of the plan's voting trustees being design professionals and greater than seventy-five percent of the plan's committee members being design professionals.
The statement shall be signed by the president or any design professional vice-president and attested to by the secretary or any assistant secretary of the corporation.
* (c) Each firm established for the business purpose of incorporating as a professional service corporation pursuant to paragraph (h) of section fifteen hundred three of this article shall, at least once every three years on or before the date prescribed by the licensing authority, furnish a statement to the licensing authority listing the names and residence addresses of each shareholder, director and officer of such corporation and certify as the date of certification and at all times over the entire three year period that:
(i) at least a simple majority of the outstanding shares of stock of the corporation are and were owned by certified public accountants,
(ii) at least a simple majority of the directors are and were certified public accountants,
(iii) at least a simple majority of the officers are and were certified public accountants,
(iv) the president, the chairperson of the board of directors and the chief executive officer or officers are and were certified public accountants. The statement shall be signed by the president or any certified public accountant vice-president and attested to by the secretary or any assistant secretary of the corporation.
* NB Effective June 8, 2024