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.
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
