Assembly Bill A7344

2025-2026 Legislative Session

Requires the natural heritage trust to invest its funds pursuant to the prudent investor act

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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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2025-A7344 (ACTIVE) - Details

See Senate Version of this Bill:
S1379
Current Committee:
Assembly Tourism, Parks, Arts And Sports Development
Law Section:
Arts and Cultural Affairs Law
Laws Affected:
Amd §§55.07 & 55.13, Arts & Cul L
Versions Introduced in Other Legislative Sessions:
2009-2010: A8791
2011-2012: A5483
2013-2014: A5626
2015-2016: A6477
2017-2018: A3238
2019-2020: A3251, S6764
2021-2022: S1489
2023-2024: S1461

2025-A7344 (ACTIVE) - Summary

Requires the natural heritage trust to invest in funds pursuant to the prudent investor act; requires such trust's annual report to be submitted to the chairperson of the senate cultural affairs, tourism, parks and recreation committee and the chairperson of the assembly tourism, parks, arts and sports development committee.

2025-A7344 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7344
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 25, 2025
                                ___________
 
 Introduced by M. of A. KIM -- read once and referred to the Committee on
   Tourism, Parks, Arts and Sports Development
 
 AN  ACT  to  amend  the  arts  and  cultural affairs law, in relation to
   directing the natural heritage trust to invest its assets pursuant  to
   the  prudent  investor  act and the annual report of the trust's oper-
   ations

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subdivision  13 of section 55.07 of the arts and cultural
 affairs law is renumbered subdivision 14 and a  new  subdivision  13  is
 added to read as follows:
   13.  TO  INVEST  AND  REINVEST THE FUNDS OF THE CORPORATION CONSISTENT
 WITH THE PRUDENT INVESTOR ACT AS ESTABLISHED IN SECTION  11-2.3  OF  THE
 ESTATES,  POWERS  AND  TRUSTS LAW AND IN ACCORDANCE WITH SECTION TWENTY-
 NINE HUNDRED TWENTY-FIVE OF THE PUBLIC AUTHORITIES LAW.
   § 2. Subdivision 3 of section 55.13 of the arts and  cultural  affairs
 law is amended to read as follows:
   3.  The  trust  shall  submit  to the governor, the chairperson of the
 senate finance committee, the chairperson of the assembly ways and means
 committee, THE CHAIRPERSON OF  THE  SENATE  CULTURAL  AFFAIRS,  TOURISM,
 PARKS AND RECREATION COMMITTEE, THE CHAIRPERSON OF THE ASSEMBLY TOURISM,
 PARKS,  ARTS AND SPORTS DEVELOPMENT COMMITTEE and the state comptroller,
 within ninety days after the end of its  fiscal  year,  a  complete  and
 detailed  report of its operations and accomplishments, its receipts and
 disbursements and its assets and liabilities.
   § 3. This act shall take effect immediately.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03080-01-5

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