Prohibits the formation of a subsidiary of a public authority without prior approval of the legislature.

This bill amends the public authorities law to prohibit the formation of a subsidiary of a public authority without prior approval of the legislature. It allows the formation of a subsidiary if the public authority files a written notice sixty days prior to the organization of such subsidiary with the governor and the legislature. The governor and each house of the legislature may take action within sixty days of receiving such notification. The state authority may not effectuate the proposed organization of the subsidiary until such sixty-day period has elapsed.

Prohibits the formation of a subsidiary of a public authority without prior approval of the legislature.

This bill amends the public authorities law to prohibit the formation of a subsidiary of a public authority without prior approval of the legislature. It allows the formation of a subsidiary if the public authority files a written notice sixty days prior to the organization of such subsidiary with the governor and the legislature. The governor and each house of the legislature may take action within sixty days of receiving such notification. The state authority may not effectuate the proposed organization of the subsidiary until such sixty-day period has elapsed.