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- Referred to judiciary
Companion bill
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Authorizes cemetery corporations to designate a community foundation as the trustee of a trust for the perpetual care, maintenance, improvement and embellishment of cemetery property
In Assembly Committee · Corporations, Authorities And Commissions · Sponsor Aileen Gunther
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S6938
Title of bill
An act to amend the estates, powers and trusts law and the not-for-profit corporation law, in relation to authorizing cemetery corporations to designate a community foundation as the trustee of a trust for the perpetual care, maintenance, improvement and embellishment of cemetery property
Purpose
To authorize cemetery corporations the ability to designate a community foundation as the trustee of a trust for the perpetual care, maintenance, improvement and embellishment of cemetery property
Summary of provisions
Section 1: Adds new section to Estates, Powers and Trusts Law to add a definition of community foundation.
Section 2: Amends the Estates, Powers and Trusts Law to authorize a cemetery association or cemetery corporation to designate a bank, banking institution or community foundation to act as a trustee.
Section 3: Amends the Estates, Powers and Trusts Law to authorize the owner of lots in any private unincorporated cemetery to deposit in trust for the care of such lots a sum not exceeding $400 per lot owned with a community foundation.
Section 4: Amends the not-for-profit corporation law by adding a new paragraph to define the meaning of community foundation.
Section 5: Clarifies that subdivision 7 of paragraph (a) of section 1506-a of the not-for-profit corporation law does not prohibit a cemetery corporation from depositing moneys in trusts with a bank, banking institution or community foundation for the purpose of the perpetual care, maintenance, improvement and embellishment of cemetery property.
Section 6: Amends the not-for-profit corporation law to authorize the directors or trustees of cemetery corporations to designate a community foundation to act as custodian and trustee of any or all of the respective funds of such cemetery corporation received by it for the perpetual care of lots in the cemetery.
Existing law
Under existing law, only banks and trust companies are authorized to serve as custodians and trustees of such cemetery funds.
Justification
This legislation simply gives cemeteries an additional tool to use to aid their maintenance and preservation. Under current law, if a cemetery no longer has the means to continue operations it becomes the financial responsibility of the municipality in which it is located. This legislation assists cemeteries in their efforts to remain fiscally solvent by granting cemetery corporations the ability to designate a Community Foundation to serve as custodians and trustees of moneys for the perpetual care and maintenance of cemetery property.
Community Foundations are tax-exempt public charities organized and operated for the long term benefit of a defined geographic location.
With this legislation Community Foundations will be able to assist cemetery corporations realize a better rate of return on their funds and also relieve some of the administrative burdens and costs. In addition, Community Foundations have ties throughout the local community which could be utilized to assist a cemetery corporation in maintaining the minimum number of corporate board members necessary to remain active.
Legislative history
New bill.
Fiscal implications
None.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.