§ 1020-I — Subsidiaries

New York § 1020-I

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 1-A: Long Island Power Authority
• Art. 5: Public Utility Authorities

Text

* § 1020-i. Subsidiaries. 1. The authority shall have the right to\nexercise and perform all or part of its powers and functions through one\nor more wholly owned subsidiaries by acquiring the voting shares thereof\nor by resolution of the board directing any of its trustees, officers or\nemployees to organize a subsidiary corporation pursuant to the business\ncorporation law, the not-for-profit corporation law or the\ntransportation corporations law. Such resolution shall prescribe the\npurpose for which such subsidiary corporation is to be formed.\n 2. The authority may transfer to any subsidiary corporation any\nmoneys, property (real, personal or mixed) or facilities in order to\ncarry out the purposes of this title. Each such subsidiary corporation\nshall have all the privileges, immunities, tax exemptions and other\nexemptions of the authority to the extent the same are not inconsistent\nwith the statute or statutes pursuant to which such subsidiary was\nincorporated provided, however, that in any event any such subsidiary\ncorporation shall be entitled to exemptions from the state public\nservice law and any regulation by, or the jurisdiction of, the public\nservice commission, and the state environmental quality review act to\nthe extent provided in subdivision two of section one thousand twenty-s\nof this title.\n * NB There are 2 § 1020-i's\n