Bill Text: NY A06747 | 2023-2024 | General Assembly | Introduced

New York Assembly Bill 6747

Introduced

Bill Title: Provides for the reversion of certain unclaimed assets to the cemetery corporation's permanent maintenance fund for the preservation, improvement and maintenance of the cemetery.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-07-15 - enacting clause stricken [A06747 Detail]

Download: New_York-2023-A06747-Introduced.html




                STATE OF NEW YORK
        ________________________________________________________________________

                                          6747

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                       May 8, 2023
                                       ___________

        Introduced  by  M.  of  A.  ZEBROWSKI  --  read once and referred 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:

     1    Section 1. The not-for-profit corporation law is amended by  adding  a
     2  new section 1511-a to read as follows:
     3  § 1511-a. Retirement of cemetery indebtedness.
     4    Following  a  mailing from the cemetery corporation providing at least
     5  sixty days notice to the last known owners at their address on file with
     6  cemetery corporation, any certificates or other instruments  of  indebt-
     7  edness  issued  under  this  section  which  shall have had dividends or
     8  proceeds remaining unclaimed for a period of three  years  shall  revert
     9  such certificates or other instruments of indebtedness and any dividends
    10  or  proceeds  to  the cemetery corporation which shall be deposited into
    11  the corporation's  permanent  maintenance  fund  for  the  preservation,
    12  improvement and maintenance of the cemetery. The cemetery shall maintain
    13  a  record of these transfers to such fund and at the time of such trans-
    14  fer, any voting rights for such certificates  or  instruments  shall  be
    15  annulled.  Subsequent to any deposits to a cemetery's fund, any claimant
    16  to such certificates or instruments of indebtedness  shall  be  entitled
    17  only to the value of the instrument or certificate at the time of trans-
    18  fer.
    19    § 2.  This act shall take effect immediately.



         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10354-01-3