Assembly Bill A6747

2023-2024 Legislative Session

Relates to retiring cemetery indebtedness

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Current Bill Status - Stricken

  • 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-A6747 (ACTIVE) - Details

Law Section:
Not-for-Profit Corporation Law
Laws Affected:
Add §1511-a, N-PC L

2023-A6747 (ACTIVE) - Summary

Provides for the reversion of certain unclaimed assets to the cemetery corporation's permanent maintenance fund for the preservation, improvement and maintenance of the cemetery.

2023-A6747 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6747
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                May 8, 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
   retiring cemetery indebtedness
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The not-for-profit corporation law is amended by  adding  a
 new section 1511-a to read as follows:
 § 1511-A. RETIREMENT OF CEMETERY INDEBTEDNESS.
   FOLLOWING  A  MAILING FROM THE CEMETERY CORPORATION PROVIDING AT LEAST
 SIXTY DAYS NOTICE TO THE LAST KNOWN OWNERS AT THEIR ADDRESS ON FILE WITH
 CEMETERY CORPORATION, ANY CERTIFICATES OR OTHER INSTRUMENTS  OF  INDEBT-
 EDNESS  ISSUED  UNDER  THIS  SECTION  WHICH  SHALL HAVE HAD DIVIDENDS OR
 PROCEEDS REMAINING UNCLAIMED FOR A PERIOD OF THREE  YEARS  SHALL  REVERT
 SUCH CERTIFICATES OR OTHER INSTRUMENTS OF INDEBTEDNESS AND ANY DIVIDENDS
 OR  PROCEEDS  TO  THE CEMETERY CORPORATION WHICH SHALL BE DEPOSITED INTO
 THE CORPORATION'S  PERMANENT  MAINTENANCE  FUND  FOR  THE  PRESERVATION,
 IMPROVEMENT AND MAINTENANCE OF THE CEMETERY. THE CEMETERY SHALL MAINTAIN
 A  RECORD OF THESE TRANSFERS TO SUCH FUND AND AT THE TIME OF SUCH TRANS-
 FER, ANY VOTING RIGHTS FOR SUCH CERTIFICATES  OR  INSTRUMENTS  SHALL  BE
 ANNULLED.  SUBSEQUENT TO ANY DEPOSITS TO A CEMETERY'S FUND, ANY CLAIMANT
 TO SUCH CERTIFICATES OR INSTRUMENTS OF INDEBTEDNESS  SHALL  BE  ENTITLED
 ONLY TO THE VALUE OF THE INSTRUMENT OR CERTIFICATE AT THE TIME OF TRANS-
 FER.
   § 2.  This act shall take effect immediately.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10354-01-3

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