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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....
Authorities Budget Office (ABO), which oversees and provides training and technical assistance to New York state public-benefit corporations and authorities; New York State Athletic Commission, which regulates combat sports such as boxing and professional wrestling; Committee on Open Government, which oversees and advises the government, public ...
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 .
A Municipal Assistance Corporation (MAC) was an independent New York State public-benefit corporation created by the State of New York for purposes of providing financing assistance and fiscal oversight of a fiscally-distressed city. Two MACs are explicitly designated under New York law.
It was conceptualized to hold auctions for high-priced real estate between a seller and a group of buyers. Local real estate agents receive 5-6 percent sales commission and Concierge Auctions charges 12 percent to buyers. Auctions range from $2 million to $100 million, but have an average of about $4 million. [10]
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The New York State Urban Development Corporation (UDC) was created in 1968 by the New York State Urban Development Corporation Act. [ 1 ] [ 7 ] On August 31, 1987, the Omnibus Economic Development Act created the state Department of Economic Development (DED). [ 7 ]
The office of the secretary of state of New York was established in 1778, and is one of the oldest government agencies of the state of New York. Until 1822, the secretary of state was appointed by the Council of Appointment for an indefinite term, [6] but could be substituted at any time, especially if the majority party in the council changed ...