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NY S05111
Bill
Status
12/17/2014
Primary Sponsor
Michael Ranzenhofer
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AI Summary
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Amends the Not-for-Profit Corporation Law to allow cemetery corporations to appropriate portions of net appreciation in permanent maintenance funds and perpetual care funds for cemetery maintenance, subject to the Prudent Management of Institutional Funds Act standard.
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Requires cemetery corporations to provide at least 60 days' advance notice to the cemetery board before appropriating net appreciation funds and disclose such appropriations in annual reports.
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Removes the previous formula limiting annual appropriations to 60 percent of the average net appreciation over three years and eliminates the adjusted historic dollar value calculation requirement.
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Allows the cemetery board to object to proposed appropriations within 60 days of notice; appropriations become effective if no objection is received.
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Takes effect immediately upon enactment.
Legislative Description
Relates to cemetery trust funds; requires that when a cemetery corporation seeks to appropriate any percentage of its net appreciation in its perpetual care fund the cemetery corporation shall provide notice of such appropriation to the division of cemeteries as part of and in addition to their annual reporting requirements.
Last Action
SIGNED CHAP.509
12/17/2014