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New York state public-benefit corporations are commonly used by the state government to perform a specific purpose, such as investment in infrastructure or regulation of horse racing. These corporations are frequently referred to as authorities .
The New York State Constitution, Art.X, sec. 5, provides that public benefit corporations may only be created by special act of the legislature. In City of Rye v. MTA, 24 N.Y.2d 627 (1969), the court of appeals explained that "The debates of the 1938 Convention indicate that the proliferation of public authorities after 1927 was the reason for the enactment of section 5 of article X....
The corporation was born of a recommendation made by a special panel composed of Simon H. Rifkind, Felix G. Rohatyn, Richard M. Shinn and Donald B. Smiley. [1] The majority of appointees to the corporation’s board were made by the Governor, initially by New York Governor Hugh Carey.
New York uses a system called "continuous codification" whereby each session law clearly identifies the law and section of the Consolidated Laws affected by its passage. [ 3 ] [ 4 ] Unlike civil law codes , the Consolidated Laws are systematic but neither comprehensive nor preemptive, and reference to other laws and case law is often necessary ...
HFA and its subsidiaries are now administered by New York State Homes and Community Renewal, [4] created in September 2010 to include the New York State Division of Housing and Community Renewal. In 2017, the HFA had operating expenses of $368.76 million, an outstanding debt of $16.780 billion, and a staffing level of 263 people. [5]
New York City Industrial Development Agency (NYCIDA) is a public benefit corporation under New York State law that provides companies with access to tax-exempt bond financing or tax benefits to strengthen and diversify the City’s tax and employment base, helps businesses locate and expand their operations within New York City, and encourages ...
The New York State Thoroughbred Breeding and Development Fund Corporation is a New York State public-benefit corporation whose purpose is to dispose and distribute monies received for the purposes of advancement and promotion of breeding and raising thoroughbreds in N.Y.S., promotion of equine research, various awards to owners and breeders of N.Y.S. thoroughbreds for finishing 1st, 2nd, 3rd ...
The New York Business Corporation Law is the primary corporation statute in the State of New York. It is an influential model in U.S. corporate law. It is chapter 4 of the Consolidated Laws of New York, originally enacted as chapter 567 of the Laws of 1890.