Senate Bill S5784A

2023-2024 Legislative Session

Relates to retiring cemetery indebtedness

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Sponsored By

Current Bill Status - In Senate Committee Corporations, Authorities And Commissions 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-S5784 - Details

See Assembly Version of this Bill:
A9447
Current Committee:
Senate Corporations, Authorities And Commissions
Law Section:
Not-for-Profit Corporation Law
Laws Affected:
Add §1511-a, N-PC L

2023-S5784 - 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-S5784 - Sponsor Memo

2023-S5784 - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5784
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              March 16, 2023
                                ___________
 
 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
   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-S5784A (ACTIVE) - Details

See Assembly Version of this Bill:
A9447
Current Committee:
Senate Corporations, Authorities And Commissions
Law Section:
Not-for-Profit Corporation Law
Laws Affected:
Add §1511-a, N-PC L

2023-S5784A (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-S5784A (ACTIVE) - Sponsor Memo

2023-S5784A (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5784--A
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              March 16, 2023
                                ___________
 
 Introduced  by  Sen.  COMRIE -- read twice and ordered printed, and when
   printed to be committed to the Committee on Corporations,  Authorities
   and  Commissions  --  recommitted  to  the  Committee on Corporations,
   Authorities and Commissions in accordance with Senate Rule 6,  sec.  8
   --  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.
                                                            LBD10269-03-4

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