Bill Text: IL SB1047 | 2013-2014 | 98th General Assembly | Engrossed
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Amends the Charitable Trust Act. Makes a technical change in a Section concerning the applicability of the Act.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Passed) 2014-07-16 - Public Act . . . . . . . . . 98-0753 [SB1047 Detail]
Download: Illinois-2013-SB1047-Engrossed.html
Bill Title: Amends the Charitable Trust Act. Makes a technical change in a Section concerning the applicability of the Act.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Passed) 2014-07-16 - Public Act . . . . . . . . . 98-0753 [SB1047 Detail]
Download: Illinois-2013-SB1047-Engrossed.html
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1 | AN ACT concerning civil law.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 1. Findings. The General Assembly finds: | ||||||
5 | (1) "An Act to create the Rosehill Cemetery Company", | ||||||
6 | approved February 11, 1859 (hereinafter "the 1859 Act"), | ||||||
7 | created the Rosehill Cemetery Company and constituted its | ||||||
8 | charter. The 1859 Act appears on pages 29 through 33 of the | ||||||
9 | "Private Laws" portion of the volume "Laws of the State of | ||||||
10 | Illinois, Passed by the Twenty-first General Assembly, | ||||||
11 | Convened January 3, 1859". (The pages of that volume are not | ||||||
12 | numbered in a single sequence. The portions labeled "Public | ||||||
13 | Laws" and "Private Laws" have separate page numbering.) | ||||||
14 | (2) "An Act to amend "An act to create the Rosehill | ||||||
15 | Cemetery Company," approved February 11, 1859", approved | ||||||
16 | February 13, 1863 (hereinafter "the 1863 Act"), amended the | ||||||
17 | charter of the Rosehill Cemetery Company as set forth in the | ||||||
18 | 1859 Act. The 1863 Act appears on pages 174 through 177 of the | ||||||
19 | volume "Private Laws of the State of Illinois, Passed by the | ||||||
20 | Twenty-third General Assembly, Convened January 5, 1863". | ||||||
21 | Among other things, the 1863 Act: required 10% of the proceeds | ||||||
22 | received from the sale of lots by the Rosehill Cemetery Company | ||||||
23 | to be reserved and set apart until the sum reserved and set | ||||||
24 | apart amounted to $100,000; required that sum to be kept as a |
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1 | fund (hereinafter "the reserve fund") for the preservation, | ||||||
2 | maintenance, and ornamentation of the cemetery; created the | ||||||
3 | Board of Trustees of the Rosehill Cemetery; required the | ||||||
4 | Rosehill Cemetery Company to pay the amounts reserved and set | ||||||
5 | apart to the Board of Trustees of the Rosehill Cemetery; | ||||||
6 | imposed various requirements upon the investment of funds by | ||||||
7 | the Board of Trustees of the Rosehill Cemetery; and imposed | ||||||
8 | various requirements regarding the composition and selection | ||||||
9 | of the Board of Trustees of the Rosehill Cemetery. | ||||||
10 | (3) On September 15, 1983, a decree was entered by the | ||||||
11 | Circuit Court of Cook County in Rosehill Cemetery Company et | ||||||
12 | al. v. Chicago Title and Trust Company et al., No. 83 CH 339, | ||||||
13 | which dealt with various matters involving the successor to the | ||||||
14 | Rosehill Cemetery Company as well as 4 funds dedicated to the | ||||||
15 | care and upkeep of the Rosehill Cemetery, including the reserve | ||||||
16 | fund. Regarding the reserve fund, the Court found: | ||||||
17 | "4. On July 6, 1894, a decree was entered by the | ||||||
18 | Circuit Court of Cook County in Case No. 120206, Lunt and | ||||||
19 | Farwell vs. The Rosehill Cemetery Company et. al., which | ||||||
20 | found that the Reserve Fund had reached $100,000, and | ||||||
21 | ordered that it be administered by lot owner trustees | ||||||
22 | pursuant to the Amendment to Charter, with The Northern | ||||||
23 | Trust Company of Chicago, Illinois acting as custodian of | ||||||
24 | the securities in which said Reserve Fund is invested." | ||||||
25 | Regarding the reserve fund, the Court ordered: | ||||||
26 | "5. That, upon the purchase of the assets of Rosehill |
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1 | Cemetery Company, the dissolution of Rosehill Cemetery | ||||||
2 | Company, and the commencement of the operation of Rosehill | ||||||
3 | Cemetery in perpetuity by Rosehill Memorial, Inc., the | ||||||
4 | Reserve Fund and the trustees thereof shall continue to | ||||||
5 | operate in the manner provided, since 1863, by Section 7 of | ||||||
6 | the Charter of Rosehill Cemetery Company as amended by the | ||||||
7 | Special Act approved February 13, 1863 and pursuant to the | ||||||
8 | provisions of the first paragraph of Paragraph Second of | ||||||
9 | the decree entered on July 6, 1894 by the Circuit Court of | ||||||
10 | Cook County in Case No. 120206, Lunt and Farwell vs. The | ||||||
11 | Rosehill Cemetery Company et. al., and said trustees shall | ||||||
12 | continue to expend the income therefrom with the advice of | ||||||
13 | Rosehill Memorial, Inc." | ||||||
14 | (4) The Board of Trustees of the Rosehill Cemetery have | ||||||
15 | administered the reserve fund in accordance with the 1863 Act. | ||||||
16 | The 1863 Act must be amended to enable the Board of Trustees of | ||||||
17 | the Rosehill Cemetery to manage the reserve fund according to | ||||||
18 | modern investment principles and to ensure the continued | ||||||
19 | operation of the reserve fund.
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20 | Section 5. "An Act to amend "An act to create the Rosehill | ||||||
21 | Cemetery Company," approved February 11, 1859", approved | ||||||
22 | February 13, 1863, is amended by adding Sections 14.1 and 14.2 | ||||||
23 | as follows:
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24 | (Private Laws 1863, p. 174-177, Sec. 14.1 new) |
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1 | Sec. 14.1. Notwithstanding any other provision of law, as | ||||||
2 | an alternative to the investment provisions of Sections 3 | ||||||
3 | through 7 of this Act, the Board of Trustees of the Rosehill | ||||||
4 | Cemetery may invest assets of the fund created under Section 2 | ||||||
5 | of this Act in accordance with Section 5 of the Trusts and | ||||||
6 | Trustees Act or any successor provision.
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7 | (Private Laws 1863, p. 174-177, Sec. 14.2 new) | ||||||
8 | Sec. 14.2. Notwithstanding any other provision of law, as | ||||||
9 | an alternative to the provisions of Sections 3 and 10 of this | ||||||
10 | Act concerning the number of trustees and the manner of | ||||||
11 | electing trustees, the Board of Trustees of the Rosehill | ||||||
12 | Cemetery may adopt bylaws establishing procedures for the | ||||||
13 | governance of the Board, including, but not limited to, the | ||||||
14 | number of trustees and the manner of electing trustees.
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15 | Section 99. Effective date. This Act takes effect upon | ||||||
16 | becoming law.
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