N.Y. Business Corporation Law Section 1514
Triennial statement


(a)

Each professional service corporation shall, at least once every three years on or before the date prescribed by the licensing authority, furnish a statement to the licensing authority listing the name and residence address of each shareholder, director and officer of such corporation and certifying that all such individuals are authorized by law in this state to practice a profession which such corporation is authorized to practice. The statement shall be signed by the president or any vice-president of the corporation and attested to by the secretary or any assistant secretary of the corporation.

(b)

Each design professional service corporation shall, at least once every three years on or before the date prescribed by the licensing authority, furnish a statement to the licensing authority listing the names and residence addresses of each shareholder, director and officer of such corporation and certify as the date of certification and at all times over the entire three year period that: * (i) greater than seventy-five percent of the outstanding shares of stock of the corporation are and were owned by design professionals, * NB Effective until July 21, 2024 * (i) greater than seventy-five percent of the outstanding shares of stock of the corporation are and were owned by design professionals and an ESOP (or ESOPs) with greater than seventy-five percent of the plan’s voting trustees or greater than seventy-five percent of the plan’s committee members being design professionals, * NB Effective July 21, 2024 (ii) greater than seventy-five percent of the directors are and were design professionals, (iii) greater than seventy-five percent of the officers are and were design professionals, (iv) the president, the chairperson of the board of directors and the chief executive officer or officers are and were design professionals, and

(v)

the single largest shareholder is and was either a design professional or an ESOP with greater than seventy-five percent of the plan’s voting trustees being design professionals and greater than seventy-five percent of the plan’s committee members being design professionals. The statement shall be signed by the president or any design professional vice-president and attested to by the secretary or any assistant secretary of the corporation.

(c)

Each firm established for the business purpose of incorporating as a professional service corporation pursuant to paragraph (h) of § 1503 (Organization)section fifteen hundred three of this article shall, at least once every three years on or before the date prescribed by the licensing authority, furnish a statement to the licensing authority listing the names and residence addresses of each shareholder, director and officer of such corporation and certify as the date of certification and at all times over the entire three year period that:

(i)

at least a simple majority of the outstanding shares of stock of the corporation are and were owned by certified public accountants, (ii) at least a simple majority of the directors are and were certified public accountants, (iii) at least a simple majority of the officers are and were certified public accountants, (iv) the president, the chairperson of the board of directors and the chief executive officer or officers are and were certified public accountants. The statement shall be signed by the president or any certified public accountant vice-president and attested to by the secretary or any assistant secretary of the corporation.

Source: Section 1514 — Triennial statement, https://www.­nysenate.­gov/legislation/laws/BSC/1514 (updated Jun. 14, 2024; accessed Jun. 22, 2024).

Accessed:
Jun. 22, 2024

Last modified:
Jun. 14, 2024

§ 1514’s source at nysenate​.gov

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