senate Bill S5111A

Signed By Governor
2013-2014 Legislative Session

Relates to cemetery trust funds

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Sponsored By

Archive: Last Bill Status - Signed by Governor


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor

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Actions

view actions (23)
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

Votes

view votes

Mar 10, 2014 - Corporations, Authorities and Commissions committee Vote

S5111
6
0
committee
6
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Committee Vote: Mar 10, 2014

Jun 4, 2013 - Corporations, Authorities and Commissions committee Vote

S5111
6
0
committee
6
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Committee Vote: Jun 4, 2013

Bill Amendments

Original
A (Active)
Original
A (Active)

S5111 - Details

See Assembly Version of this Bill:
A7802A
Law Section:
Not-for-Profit Corporation Law
Laws Affected:
Amd §1507, N-PC L

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.

S5111 - Sponsor Memo

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

S5111A (ACTIVE) - Details

See Assembly Version of this Bill:
A7802A
Law Section:
Not-for-Profit Corporation Law
Laws Affected:
Amd §1507, N-PC L

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.

S5111A (ACTIVE) - Sponsor Memo

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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