Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Dec 17, 2014 |
signed chap.509 |
Dec 05, 2014 |
delivered to governor |
Jun 18, 2014 |
returned to senate passed assembly ordered to third reading rules cal.393 substituted for a7802a |
Jun 18, 2014 |
substituted by s5111a |
Jun 17, 2014 |
ordered to third reading rules cal.393 rules report cal.393 reported reported referred to rules |
Jun 16, 2014 |
reported referred to ways and means |
May 29, 2014 |
print number 7802a |
May 29, 2014 |
amend and recommit to corporations, authorities and commissions |
Jan 08, 2014 |
referred to corporations, authorities and commissions |
Jun 04, 2013 |
referred to corporations, authorities and commissions |
Assembly Bill A7802A
Signed By Governor2013-2014 Legislative Session
Sponsored By
BRENNAN
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
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
Steven Otis
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
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