Arts and Cultural Affairs - Theatrical Syndication Financing - Regulation of Theatrical Syndication Financing - Application of article; exemptions

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$40 per month.
§ 23.09. Application of article; exemptions. 1. The provisions of
article twenty-three-A of the general business law shall not be
applicable to offerings subject to the requirements of this article, or
with respect to such offerings, to producers or principals thereof.

2. The provisions of subdivisions one and two of section 23.08 of this
article shall not apply to any ticket distributor who offers or sells
advance tickets of admission, as set forth in such subdivisions, if such
ticket distributor or a principal thereof which owns or controls a fifty
percent or greater interest in such ticket distributor or which owns or
controls less than a fifty percent interest but at least a twenty-five
percent interest in such ticket distributor and actively participates in
the day-to-day management of such ticket distributor or otherwise
exercises managerial control:

(a) has, for a period in excess of ten years, produced or presented
events at the same place of entertainment or produced or presented
events under the same corporate or organizational name; or

(b) controls, is controlled by or under common control with any ticket
distributor which has, for a period in excess of ten years, produced or
presented events at the same place of entertainment or produced or
presented events under the same corporate or organizational name; or

(c) maintains minimum net capital of one hundred thousand dollars or
minimum net worth or, if a corporation, shareholder's equity of two
hundred thousand dollars; or

(d) offers or sells advance tickets of admission to a theatre or other
place of entertainment as defined in section 23.03 of this article (i)
which contains no more than ninety-nine seats for paying customers, or
(ii) for which the average ticket sale revenues, as measured over the
preceding fifty-two week period, does not exceed two thousand five
hundred dollars per week for each week for which tickets are sold; or

(e) is a not-for-profit, educational, charitable, or tax-exempt
organization which sells tickets to an event produced or presented by
the organization.

The attorney general may from time to time make, amend and rescind
such rules and regulations as are necessary to carry out the provisions
of this article, notwithstanding any other provision of this section,
providing for exemptions therefrom when he finds such action is not
inconsistent with the public interest and defining any terms, whether or
not used in this article, insofar as the definitions are not
inconsistent with the provisions of such article.