Prohibits the formation of a subsidiary of a public authority without prior approval of the legislature, unless a written notice is filed sixty days.

This bill amends the public authorities law to prohibit the formation of a subsidiary of a public authority without prior approval of the legislature. However, it allows such formation if the public authority files a written notice sixty days prior to the organization of the subsidiary with the governor and the legislature. The governor, the speaker of the assembly, and the temporary president of the senate can deny the formation, with denial by the governor taking the form of a signed certification and denial by either house taking the form of a resolution.

Prohibits the formation of a subsidiary of a public authority without prior approval of the legislature, unless a written notice is filed sixty days.

This bill amends the public authorities law to prohibit the formation of a subsidiary of a public authority without prior approval of the legislature. However, it allows such formation if the public authority files a written notice sixty days prior to the organization of the subsidiary with the governor and the legislature. The governor, the speaker of the assembly, and the temporary president of the senate can deny the formation, with denial by the governor taking the form of a signed certification and denial by either house taking the form of a resolution.