Bill
Bill > S06285
NY S06285
NY S06285Relates to cemetery trust funds and the maintenance and preservation of cemetery grounds.
summary
Introduced
04/11/2023
04/11/2023
In Committee
06/03/2024
06/03/2024
Crossed Over
06/03/2024
06/03/2024
Passed
12/12/2024
12/12/2024
Dead
Signed/Enacted/Adopted
12/21/2024
12/21/2024
Introduced Session
2023-2024 General Assembly
Bill Summary
AN ACT to amend the not-for-profit corporation law, in relation to cemetery trust funds
AI Summary
This bill amends the Not-for-Profit Corporation Law to allow cemetery corporations that have adopted a written investment policy in accordance with the Prudent Management of Institutional Funds Act to annually appropriate a portion of the principal of their permanent maintenance and perpetual care funds for the maintenance and preservation of the cemetery grounds, up to a "safe harbor" amount of 4% of the principal's fair market value. The bill requires the cemetery corporation to provide notice to the Cemetery Board of any such proposed appropriation and to disclose it in their annual reporting. The Cemetery Board can object to the proposed appropriation if it exceeds the safe harbor amount or the investment policy does not comply with the Prudent Management of Institutional Funds Act.
Committee Categories
Budget and Finance, Government Affairs
Sponsors (2)
Last Action
SIGNED CHAP.656 (on 12/21/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2023/S6285 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S06285&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S06285 |
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