(a) Purpose.

The purpose of this Part is to set forth the accounting, reporting and supervision requirements for all public authorities and other public corporations covered by this Part. The following terms are defined as follows for the purposes of this Part:

(1) Affiliate or affiliated with shall mean a corporate body or company controlling, controlled by, or under common control with another corporate body.

(2) Subsidiary shall mean a corporate body or company:

(i) having more than half of its voting shares owned or held by a public authority or other public corporation covered by this Part; or

(ii) having a majority of its directors, trustees or members in common with the directors, trustees or members of a public authority or other public corporation covered by this Part or as designees of a public authority or other public corporation covered by this Part.

(b) Scope.

This Part applies to all public authorities and other public corporations created by or existing under any law of the State of New York, including any and all affiliates and subsidiaries of such public authorities or public corporations, other than:

(1) a public authority or other public corporation created pursuant to agreement or compact with another state or with a foreign power, except where the parties to such agreement or compact have consented to the supervision of the authority’s or corporation’s accounts by the State Comptroller;

(2) a local authority as defined in section 2 of the Public Authorities Law.