Assembly Bill A7802A

Signed By Governor
2013-2014 Legislative Session

Relates to cemetery trust funds

download bill text pdf

Sponsored By

Archive: Last Bill Status Via S5111 - Signed by Governor


  • 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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions
Votes

Bill Amendments

2013-A7802 - Details

See Senate Version of this Bill:
S5111
Law Section:
Not-for-Profit Corporation Law
Laws Affected:
Amd §1507, N-PC L

2013-A7802 - Summary

Relates to cemetery trust funds; requires that when a cemetery corporation seeks to appropriate any percentage of its net appreciation in its perpetual care fund the cemetery corporation shall provide notice of such appropriation to the division of cemeteries as part of and in addition to their annual reporting requirements.

2013-A7802 - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  7802

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                              June 4, 2013
                               ___________

Introduced  by M. of A. BRENNAN -- 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 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 679 of the laws of
2004, 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, [realized  (with  respect  to
all  assets)  and  unrealized  (with  respect only to readily marketable
assets),] in the fair market value of the principal  of  the  trust  [in
excess of its adjusted historic dollar value, as defined in this subpar-
agraph],  as is prudent under the standard established by [section seven
hundred seventeen of this chapter (duty of directors and  officers)  and
as  limited by the maximum annual appropriation defined in this subpara-
graph. For the purposes of  this  subparagraph,  the  adjusted  historic
dollar  value  of  the  trust principal shall be the market value of the
principal three full calendar years prior to the effective date  of  the
amendments  made  to  this  subparagraph,  plus all subsequent additions
thereto, minus all allowable deductions therefrom, adjusted by the  rate

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10878-01-3
              

co-Sponsors

2013-A7802A (ACTIVE) - Details

See Senate Version of this Bill:
S5111
Law Section:
Not-for-Profit Corporation Law
Laws Affected:
Amd §1507, N-PC L

2013-A7802A (ACTIVE) - Summary

Relates to cemetery trust funds; requires that when a cemetery corporation seeks to appropriate any percentage of its net appreciation in its perpetual care fund the cemetery corporation shall provide notice of such appropriation to the division of cemeteries as part of and in addition to their annual reporting requirements.

2013-A7802A (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 7802--A

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                              June 4, 2013
                               ___________

Introduced  by M. of A. BRENNAN -- read once and referred to the Commit-
  tee on Corporations, Authorities and Commissions -- recommitted to the
  Committee on Corporations, Authorities and Commissions  in  accordance
  with  Assembly  Rule  3, sec. 2 -- 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 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 679 of the laws of
2004, 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, [realized (with respect to
all assets) and unrealized (with  respect  only  to  readily  marketable
assets),]  in  the  fair  market value of the principal of the trust [in
excess of its adjusted historic dollar value, as defined in this subpar-
agraph], as is prudent under the standard established by [section  seven
hundred  seventeen  of this chapter (duty of directors and officers) and
as limited by the maximum annual appropriation defined in this  subpara-
graph.  For  the  purposes  of  this subparagraph, the adjusted historic
dollar value of the trust principal shall be the  market  value  of  the

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10878-02-4
              

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.