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History
- Referred to corporations, authorities and commissions
- Referred to corporations, authorities and commissions
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:A8918
Title of bill
An act to amend the not-for-profit corporation law, in relation to adopting a prudent management of institutional funds standard
Purpose or general idea of bill
To ensure that governmental institutions manage funds held for a charitable purpose with prudence and care as required of private institutional funds.
Summary of specific provisions
Section one of the bill provides that governmental funds held for charitable purposes are included in those funds for which prudent management is required.
Justification
Funds held for charitable purposes should be protected by prudent management and careful investment. Recent events have shown that all funds are vulnerable to schemes by unscrupulous investment advisors. Prudent management standards, such as that which will be required of funds held by governmental entities for charitable purposes under this legislation, can protect those funds and ensure the funds are used for the charitable purposes for which they were designed.
Prior legislative history
New bill.
Fiscal implications
None.
Effective date
This act shall take effect on the same date and in the same manner as a chapter of the laws of 2009, amending the not for profit corporations law in relation to adopting a prudent management of institutional funds standard, as proposed in legislative bills numbers A.7907-A and S.4778-A, takes effect.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.