Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Dec 28, 2020 |
committed to rules |
Mar 04, 2020 |
advanced to third reading |
Mar 03, 2020 |
2nd report cal. |
Mar 02, 2020 |
1st report cal.509 |
Jan 08, 2020 |
referred to corporations, authorities and commissions returned to senate died in assembly |
Jun 06, 2019 |
referred to corporations, authorities and commissions delivered to assembly passed senate |
May 22, 2019 |
advanced to third reading |
May 21, 2019 |
2nd report cal. |
May 20, 2019 |
1st report cal.781 |
May 01, 2019 |
referred to corporations, authorities and commissions |
Senate Bill S5463
2019-2020 Legislative Session
Sponsored By
(D) 14th Senate District
Archive: Last Bill Status - In Senate Committee Rules Committee
- 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
2019-S5463 (ACTIVE) - Details
2019-S5463 (ACTIVE) - Sponsor Memo
BILL NUMBER: S5463 SPONSOR: COMRIE TITLE OF BILL: An act to amend the not-for-profit corporation law, in relation to cemetery trust funds PURPOSE: This bill would provide an option for the application of a conservative total return formula utilized by other state not-for-profits for the expenditure of trust fund revenue solely for the maintenance and preser- vation of cemetery grounds. Such expenditure 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 Corpo- ration Law to provide the option for the expenditure of trust fund revenue solely for the maintenance and preservation of cemetery grounds. Such an application for expenditure of trust funds would be subject to
2019-S5463 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5463 2019-2020 Regular Sessions I N S E N A T E May 1, 2019 ___________ Introduced by Sen. COMRIE -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Authorities 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 509 of the laws of 2014, 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, in the fair market value of the principal of the trust, as is prudent under the standard established by article five-A of this chapter, the prudent management of institu- tional funds act. In the event that a cemetery corporation seeks to appropriate any percentage of its net appreciation in its permanent maintenance fund in accordance with this subparagraph, the cemetery corporation shall provide notice of such proposed appropriation by certified mail to the cemetery board not less than sixty days in advance of such proposed appropriation and shall disclose such appropriation as part of and in addition to their annual reporting requirements as defined in section fifteen hundred eight of this article, setting forth EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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