Prohibits the formation of a subsidiary of a public authority without prior approval of the legislature; allows the formation of a subsidiary of a public authority without prior approval of the legislature if such public authority files a written notice sixty days prior to the organization of such subsidiary with the governor and the legislature.

This bill requires that any public authority in New York must get approval from the legislature before creating a subsidiary. However, if the public authority gives a written notice 60 days in advance to the governor and the legislature, it can form a subsidiary without prior approval.

Supporters of the bill argue that it increases legislative oversight and accountability for public authorities, ensuring that the creation of subsidiaries is transparent and subject to scrutiny. They believe this will help prevent misuse of public resources and promote responsible governance.

Critics contend that the bill could hinder the ability of public authorities to respond quickly to needs and opportunities by delaying the formation of subsidiaries. They argue that the requirement for legislative approval or advance notice could create unnecessary bureaucratic obstacles and reduce operational efficiency.