Senate Bill S5463

2019-2020 Legislative Session

Relates to cemetery trust funds

download bill text pdf

Sponsored By

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

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2019-S5463 (ACTIVE) - Details

See Assembly Version of this Bill:
A7651
Current Committee:
Senate Rules
Law Section:
Not-for-Profit Corporation Law
Laws Affected:
Amd §1507, N-PC L
Versions Introduced in Other Legislative Sessions:
2021-2022: S3264, A368
2023-2024: S6285, A3686

2019-S5463 (ACTIVE) - Summary

Relates to cemetery trust funds and the maintenance and preservation of cemetery grounds.

2019-S5463 (ACTIVE) - Sponsor Memo

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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