Bill Text: NY A09447 | 2023-2024 | General Assembly | Amended

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Bill Title: Provides that any cemetery corporation is permitted to retire any certificates or other instruments of indebtedness related to its operations to the benefit of such cemetery's permanent maintenance fund upon notice to the certificate owners.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Engrossed) 2024-06-04 - REFERRED TO RULES [A09447 Detail]

Download: New_York-2023-A09447-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         9447--A

                   IN ASSEMBLY

                                     March 14, 2024
                                       ___________

        Introduced  by M. of A. HYNDMAN -- read once and referred to the Commit-
          tee  on  Corporations,  Authorities  and  Commissions   --   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
          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 addresses on file
     6  with the cemetery corporation, any certificates or other instruments  of
     7  indebtedness issued under this article 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.
                                                                   LBD10269-02-4