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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....
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 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 It is chapter 4 of the Consolidated Laws of New York, originally enacted as chapter 567 of the Laws of 1890.
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.
There is ongoing debate in New York State politics regarding the size and scope of New York State public benefit corporations, i.e., how many there are, how much debt they carry, how much power they wield to issue bonds for funding, who they are accountable to, etc. [5] [6] [7] For example, the New York Local Government Assistance Corporation has a 24-member staff to oversee the operations of ...
In 2012, the New York State Canal Corporation employed 529 people, consisting of 458 full-time employees and 78 seasonal workers. Its spending accounted for about 10 percent of the New York State Thruway 's total $1.1 billion in annual spending.
Its mission is to expand affordable housing opportunities for low- and moderate-income New Yorkers. HCR consists of several state agencies and corporations: the New York State Division of Housing and Community Renewal (DHCR), the New York State Housing Finance Agency (HFA), the State of New York Mortgage Agency (SONYMA).
The New York State Register is the official journal of the New York state government that contains information on proposed regulations and rulemaking activities. [1] The New York State Register is published weekly by the New York State Department of State 's Division of Administrative Rules. [ 1 ]
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