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

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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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: (Introduced) 2024-05-21 - reported referred to ways and means [A09447 Detail]

Download: New_York-2023-A09447-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          9447

                   IN ASSEMBLY

                                     March 14, 2024
                                       ___________

        Introduced  by M. of A. HYNDMAN -- 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
          retiring cemetery indebtedness

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Section 1511  of  the  not-for-profit  corporation  law  is
     2  amended by adding a new paragraph (g) to read as follows:
     3    (g) Notification and retirement of cemetery indebtedness. Any cemetery
     4  corporation is permitted to retire any certificates or other instruments
     5  of  indebtedness  related to its operations to the benefit of such ceme-
     6  tery's permanent maintenance fund;  provided,  however,  that  at  least
     7  sixty  days' notice is granted to any last known certificate holder that
     8  has not claimed any proceeds for a minimum of three  years  before  such
     9  certificates or other instruments would be retired.
    10    § 2. This act shall take effect immediately.







         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10269-01-3