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Assembly Bill A5626

2013-2014 Legislative Session

Requires the natural heritage trust to invest its funds pursuant to the prudent investor act

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Archive: Last Bill Status - In Assembly Committee

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2013-A5626 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Arts and Cultural Affairs Law
Laws Affected:
Amd ยงยง55.07 & 55.13, Arts & Cul L
Versions Introduced in Other Legislative Sessions:
2009-2010: A8791
2011-2012: A5483
2015-2016: A6477
2017-2018: A3238
2019-2020: A3251
2025-2026: A7344

2013-A5626 (ACTIVE) - Summary

Requires the natural heritage trust to invest in funds pursuant to the prudent investor act; requires such trust's annual report to be submitted to the chairperson of the senate cultural affairs, tourism, park and recreation committee and the chairperson of the assembly tourism, parks, arts and sports development committee.

2013-A5626 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  5626

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                              March 4, 2013
                               ___________

Introduced  by  M. of A. ENGLEBRIGHT, TITONE -- Multi-Sponsored by -- M.
  of A. JACOBS -- read once and referred to the  Committee  on  Tourism,
  Parks, Arts and Sports Development

AN  ACT  to  amend  the  arts  and  cultural affairs law, in relation to
  directing the natural heritage trust to invest its assets pursuant  to
  the  prudent  investor  act and the annual report of the trust's oper-
  ations

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Subdivision  13 of section 55.07 of the arts and cultural
affairs law is renumbered subdivision 14 and a  new  subdivision  13  is
added to read as follows:
  13.  TO  INVEST  AND  REINVEST THE FUNDS OF THE CORPORATION CONSISTENT
WITH THE PRUDENT INVESTOR ACT AS ESTABLISHED IN SECTION  11-2.3  OF  THE
ESTATES,   POWERS   AND  TRUSTS  LAW  AND  IN  ACCORDANCE  WITH  SECTION
TWENTY-NINE HUNDRED TWENTY-FIVE OF THE PUBLIC AUTHORITIES LAW.
  S 2. Subdivision 3 of section 55.13 of the arts and  cultural  affairs
law is amended to read as follows:
  3.  The  trust  shall  submit  to the governor, the chairperson of the
senate finance committee, the chairperson of the assembly ways and means
committee, THE CHAIRPERSON OF  THE  SENATE  CULTURAL  AFFAIRS,  TOURISM,
PARKS AND RECREATION COMMITTEE, THE CHAIRPERSON OF THE ASSEMBLY TOURISM,
PARKS,  ARTS AND SPORTS DEVELOPMENT COMMITTEE and the state comptroller,
within ninety days after the end of its  fiscal  year,  a  complete  and
detailed  report of its operations and accomplishments, its receipts and
disbursements and its assets and liabilities.
  S 3. This act shall take effect immediately.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09325-01-3

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