Assembly Bill A9447A

2023-2024 Legislative Session

Relates to retiring cemetery indebtedness

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Sponsored By

Current 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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Bill Amendments

2023-A9447 - Details

See Senate Version of this Bill:
S5784
Current Committee:
Senate Rules
Law Section:
Not-for-Profit Corporation Law
Laws Affected:
Add §1511-a, N-PC L

2023-A9447 - 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 upon notice to the certificate owners.

2023-A9447 - 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

2023-A9447A (ACTIVE) - Details

See Senate Version of this Bill:
S5784
Current Committee:
Senate Rules
Law Section:
Not-for-Profit Corporation Law
Laws Affected:
Add §1511-a, N-PC L

2023-A9447A (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 upon notice to the certificate owners.

2023-A9447A (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  9447--A
 
                           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   --   committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to said committee
 
 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 ADDRESSES ON FILE
 WITH THE CEMETERY CORPORATION, ANY CERTIFICATES OR OTHER INSTRUMENTS  OF
 INDEBTEDNESS ISSUED UNDER THIS ARTICLE 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.
                                                            LBD10269-02-4

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