Assembly Bill A9447

2023-2024 Legislative Session

Relates to retiring cemetery indebtedness

download bill text pdf

Sponsored By

Current Bill Status - In Assembly 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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2023-A9447 (ACTIVE) - Details

See Senate Version of this Bill:
S5784
Current Committee:
Assembly Corporations, Authorities And Commissions
Law Section:
Not-for-Profit Corporation Law
Laws Affected:
Amd §1511, N-PC L

2023-A9447 (ACTIVE) - Summary

Provides that any cemetery corporation is permitted to retire any certificates or other instruments of indebtedness related to its operations to the benefit of such cemetery's permanent maintenance fund.

2023-A9447 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9447
 
                           I N  A S S E M B L Y
 
                              March 14, 2024
                                ___________
 
 Introduced  by M. of A. HYNDMAN -- read once and referred to the Commit-
   tee on Corporations, Authorities and Commissions
 
 AN ACT to amend the  not-for-profit  corporation  law,  in  relation  to
   retiring cemetery indebtedness
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Section 1511  of  the  not-for-profit  corporation  law  is
 amended by adding a new paragraph (g) to read as follows:
   (G) NOTIFICATION AND RETIREMENT OF CEMETERY INDEBTEDNESS. ANY CEMETERY
 CORPORATION IS PERMITTED TO RETIRE ANY CERTIFICATES OR OTHER INSTRUMENTS
 OF  INDEBTEDNESS  RELATED TO ITS OPERATIONS TO THE BENEFIT OF SUCH CEME-
 TERY'S PERMANENT MAINTENANCE FUND;  PROVIDED,  HOWEVER,  THAT  AT  LEAST
 SIXTY  DAYS' NOTICE IS GRANTED TO ANY LAST KNOWN CERTIFICATE HOLDER THAT
 HAS NOT CLAIMED ANY PROCEEDS FOR A MINIMUM OF THREE  YEARS  BEFORE  SUCH
 CERTIFICATES OR OTHER INSTRUMENTS WOULD BE RETIRED.
   § 2. This act shall take effect immediately.
 
 
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10269-01-3

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