Gov. Andrew Cuomo’s signing of legislation allowing non-licensed professionals to hold minority ownership in New York’s engineering and architecture firms was applauded Monday by a state engineering trade group.

“This bill will help to keep companies’ headquarters in New York and to recruit and retain talented, non-licensed professionals at New York-based companies,” said Jay Simson, president of the American Council of Engineering Companies of New York, in a statement.

Cuomo signed the legislation into law Friday.

The state’s engineering and architecture firms can now issue up to 25 percent of their shares to employees other than licensed design professionals, including corporate counsel, and information technology and business development specialists, ACEC representatives said.

The largest single shareholder must be a licensed professional, and at least 75 percent of the seats on the board of directors must be held by licensed professionals, the new law states. A company president, CEO and chairman must be licensed as well.

Posted in The Rochester Business Journal.