Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Dec 17, 2014 |
signed chap.509 |
Dec 05, 2014 |
delivered to governor |
Jun 18, 2014 |
returned to senate passed assembly ordered to third reading rules cal.393 substituted for a7802a |
Jun 11, 2014 |
referred to corporations, authorities and commissions delivered to assembly passed senate |
Jun 02, 2014 |
amended on third reading 5111a |
Mar 12, 2014 |
advanced to third reading |
Mar 11, 2014 |
2nd report cal. |
Mar 10, 2014 |
1st report cal.248 |
Jan 08, 2014 |
referred to corporations, authorities and commissions returned to senate died in assembly |
Jun 11, 2013 |
referred to corporations, authorities and commissions delivered to assembly passed senate |
Jun 10, 2013 |
advanced to third reading |
Jun 05, 2013 |
2nd report cal. |
Jun 04, 2013 |
1st report cal.1110 |
May 10, 2013 |
referred to corporations, authorities and commissions |
Senate Bill S5111A
Signed By Governor2013-2014 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - Signed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
Bill Amendments
2013-S5111 - Details
- See Assembly Version of this Bill:
- A7802
- Law Section:
- Not-for-Profit Corporation Law
- Laws Affected:
- Amd §1507, N-PC L
2013-S5111 - Summary
Relates to cemetery trust funds; requires that when a cemetery corporation seeks to appropriate any percentage of its net appreciation in its perpetual care fund the cemetery corporation shall provide notice of such appropriation to the division of cemeteries as part of and in addition to their annual reporting requirements.
2013-S5111 - Sponsor Memo
BILL NUMBER:S5111 TITLE OF BILL: An act to amend the not-for-profit corporation law, in relation to cemetery trust funds PURPOSE: This bill would provide that the appropriation for expenditure of net appreciation of cemetery trust funds would be subject to the standards established by the Prudent Management of Institutional Funds Act which governs expenditures by not-for-profit entities in the state. SUMMARY OF PROVISIONS: This bill would amend and update § 1507 of the Not-for-Profit Corporation Law to direct that expenditure of net appreciation of cemetery trust funds would be subject to the standards established by the Prudent Management of Institutional Funds Act in Article 5-A of the chapter. The bill requires additional reporting requirements to the New York State Division of Cemeteries and the New York State Cemetery Board outlining a cemetery corporation's application of this standard. EXISTING LAW:
2013-S5111 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5111 2013-2014 Regular Sessions I N S E N A T E May 10, 2013 ___________ Introduced by Sen. RANZENHOFER -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Author- ities and Commissions AN ACT to amend the not-for-profit corporation law, in relation to ceme- tery trust funds THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subparagraph 2 of paragraph (a) of section 1507 of the not-for-profit corporation law, as amended by chapter 679 of the laws of 2004, is amended to read as follows: (2) The permanent maintenance fund is hereby declared to be and shall be held by the corporation as a trust fund, for the purpose of maintain- ing and preserving the cemetery, including all lots, crypts, niches, plots, and parts thereof. The principal of such fund shall be invested in such securities as are permitted for the investment of trust funds by section 11-2.3 of the estates, powers and trusts law. [The income in the form of interest and ordinary dividends therefrom shall be used solely for the maintenance and preservation of the cemetery grounds.] In addi- tion, the governing board of the corporation may appropriate for expend- iture solely for the maintenance and preservation of the cemetery grounds a portion of the net appreciation, [realized (with respect to all assets) and unrealized (with respect only to readily marketable assets),] in the fair market value of the principal of the trust [in excess of its adjusted historic dollar value, as defined in this subpar- agraph], as is prudent under the standard established by [section seven hundred seventeen of this chapter (duty of directors and officers) and as limited by the maximum annual appropriation defined in this subpara- graph. For the purposes of this subparagraph, the adjusted historic dollar value of the trust principal shall be the market value of the principal three full calendar years prior to the effective date of the amendments made to this subparagraph, plus all subsequent additions EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10878-01-3
2013-S5111A (ACTIVE) - Details
- See Assembly Version of this Bill:
- A7802
- Law Section:
- Not-for-Profit Corporation Law
- Laws Affected:
- Amd §1507, N-PC L
2013-S5111A (ACTIVE) - Summary
Relates to cemetery trust funds; requires that when a cemetery corporation seeks to appropriate any percentage of its net appreciation in its perpetual care fund the cemetery corporation shall provide notice of such appropriation to the division of cemeteries as part of and in addition to their annual reporting requirements.
2013-S5111A (ACTIVE) - Sponsor Memo
BILL NUMBER:S5111A TITLE OF BILL: An act to amend the not-for-profit corporation law, in relation to cemetery trust funds PURPOSE: This bill would provide that the appropriation for expenditure of net appreciation of cemetery trust funds would be subject to the standards established by the Prudent Management of Institutional Funds Act which governs expenditures by not-for-profit entities in the state. SUMMARY OF PROVISIONS: This bill would amend and update § 1507 of the Not-for-Profit Corporation Law to direct that expenditure of net appreciation of cemetery trust funds would be subject to the standards established by the Prudent Management of Institutional Funds Act in Article 5-A of the chapter. The bill requires additional reporting requirements to the New York State Division of Cemeteries and the New York State Cemetery Board outlining a cemetery corporation's application of this standard. EXISTING LAW:
2013-S5111A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5111--A Cal. No. 248 2013-2014 Regular Sessions I N S E N A T E May 10, 2013 ___________ Introduced by Sen. RANZENHOFER -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Author- ities and Commissions -- recommitted to the Committee on Corporations, Authorities and Commissions in accordance with Senate Rule 6, sec. 8 -- reported favorably from said committee, ordered to first and second report, ordered to a third reading, amended and ordered reprinted, retaining its place in the order of third reading AN ACT to amend the not-for-profit corporation law, in relation to ceme- tery trust funds THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subparagraph 2 of paragraph (a) of section 1507 of the not-for-profit corporation law, as amended by chapter 679 of the laws of 2004, is amended to read as follows: (2) The permanent maintenance fund is hereby declared to be and shall be held by the corporation as a trust fund, for the purpose of maintain- ing and preserving the cemetery, including all lots, crypts, niches, plots, and parts thereof. The principal of such fund shall be invested in such securities as are permitted for the investment of trust funds by section 11-2.3 of the estates, powers and trusts law. The income in the form of interest and ordinary dividends therefrom shall be used solely for the maintenance and preservation of the cemetery grounds. In addi- tion, the governing board of the corporation may appropriate for expend- iture solely for the maintenance and preservation of the cemetery grounds a portion of the net appreciation, [realized (with respect to all assets) and unrealized (with respect only to readily marketable assets),] in the fair market value of the principal of the trust [in excess of its adjusted historic dollar value, as defined in this subpar- agraph], as is prudent under the standard established by [section seven hundred seventeen of this chapter (duty of directors and officers) and as limited by the maximum annual appropriation defined in this subpara- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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