S 4392 NY

0likes☆Favorite🔕SubscribeShare

Skip to main content

New York State Assembly Speaker Carl E. Heastie

--> --> -->

Assembly Members

Legislative Info

Public Hearings

Speaker's Press

Assembly Reports

Committees & More

Bill Search Home Laws Legislative Calendar Public Hearing Schedule Assembly Calendars Assembly Committee Agenda Javascript must be enabled to properly view this page.

Bill No.: Summary Actions Committee&nbspVotes Floor&nbspVotes Memo Text LFIN Chamber&nbspVideo/Transcript S04392 Summary: BILL NO S04392 &nbsp SAME AS SAME AS A04347

&nbsp SPONSOR COMRIE &nbsp COSPNSR &nbsp MLTSPNSR &nbsp Add §1511-a, N-PC L &nbsp 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.

Go to top S04392 Text:

STATE OF NEW YORK ________________________________________________________________________

4392

2025-2026 Regular Sessions

IN SENATE

February 4, 2025 ___________

Introduced by Sen. COMRIE -- read twice and ordered printed, and when printed to be committed 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 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. LBD05838-01-5

Go to top

Sitemap

Request Information

Directions and Maps