N.Y. Public Authorities Law 1020-I – Subsidiaries
* § 1020-i. Subsidiaries. 1. The authority shall have the right to exercise and perform all or part of its powers and functions through one or more wholly owned subsidiaries by acquiring the voting shares thereof or by resolution of the board directing any of its trustees, officers or employees to organize a subsidiary corporation pursuant to the business corporation law, the not-for-profit corporation law or the transportation corporations law. Such resolution shall prescribe the purpose for which such subsidiary corporation is to be formed.
Terms Used In N.Y. Public Authorities Law 1020-I
- 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.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Statute: A law passed by a legislature.
2. The authority may transfer to any subsidiary corporation any moneys, property (real, personal or mixed) or facilities in order to carry out the purposes of this title. Each such subsidiary corporation shall have all the privileges, immunities, tax exemptions and other exemptions of the authority to the extent the same are not inconsistent with the statute or statutes pursuant to which such subsidiary was incorporated provided, however, that in any event any such subsidiary corporation shall be entitled to exemptions from the state public service law and any regulation by, or the jurisdiction of, the public service commission, and the state environmental quality review act to the extent provided in subdivision two of section one thousand twenty-s of this title.
* NB There are 2 § 1020-i's