N.Y. Economic Development Law Law 141 – Definitions
§ 141. Definitions. For the purposes of this article, the following terms shall have the following meanings as indicated:
Terms Used In N.Y. Economic Development Law Law 141
- 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.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
1. "Agency" shall mean any agency, department, board, bureau, commission a majority of whose members are appointed by the governor, division, office, council, committee, or officer of the state, or the state university of New York or the city university of New York, or any public benefit corporation or public authority, a majority of whose members are appointed by the governor. Such term shall not include the legislature.
2. "Foreign business enterprise" shall mean a business enterprise, including a sole proprietorship, partnership or corporation, which had offered for sale, lease or other form of exchange, goods sought by the agency and substantially produced outside of New York state, or services sought by the agency and substantially performed outside New York state.
3. "Procurement contract" shall mean any written agreement entered into by an agency for the acquisition of goods, services, or construction of any kind in the actual or estimated amount of fifty thousand dollars or more. The term does not include an agreement for employment in the civil service.