Assembly Bill A3686

2023-2024 Legislative Session

Relates to cemetery trust funds

download bill text pdf

Sponsored By

Current Bill Status Via S6285 - Passed Assembly


  • 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-A3686 (ACTIVE) - Details

See Senate Version of this Bill:
S6285
Law Section:
Not-for-Profit Corporation Law
Laws Affected:
Amd §1507, N-PC L
Versions Introduced in Other Legislative Sessions:
2019-2020: A7651, S5463
2021-2022: A368, S3264

2023-A3686 (ACTIVE) - Summary

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

2023-A3686 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3686
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 3, 2023
                                ___________
 
 Introduced  by  M.  of  A.  ZEBROWSKI  --  read once and referred 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
 the amount of funds to be appropriated  for  such  expenditure  and  its

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02084-01-3
              

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