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.
Summary
Bill A04347 amends the not-for-profit corporation law in New York to allow cemetery corporations to retire certificates or other instruments of indebtedness that have unclaimed dividends or proceeds for three years. The bill mandates that cemetery corporations provide a minimum of sixty days notice to the last known owners of these certificates before they can revert the instruments and any associated funds to the cemetery's permanent maintenance fund. This fund is intended for the preservation, improvement, and maintenance of the cemetery, and upon transfer, any voting rights associated with the certificates will be annulled.
Impact
The bill impacts the operations of cemetery corporations by enabling them to manage their financial obligations more effectively. By allowing the retirement of long-unclaimed certificates, it aims to enhance the financial stability of cemetery maintenance funds, ensuring that resources are available for necessary upkeep. This change could lead to a more sustainable model for cemetery management, potentially benefiting the community by ensuring better-maintained burial sites.
Sentiment
The sentiment surrounding Bill A04347 appears to be overwhelmingly positive, as indicated by the unanimous votes in favor from the Assembly Corporations, Authorities and Commissions Committee and the Assembly Ways and Means Committee. The discussions suggest a recognition of the need for cemetery corporations to have more flexibility in managing their financial instruments, which is seen as beneficial for the maintenance of cemeteries.
Contention
There are no notable points of contention reported in the discussions or voting history regarding Bill A04347. The unanimous support suggests that stakeholders, including cemetery corporations and potentially affected families, are in agreement on the necessity and benefits of the proposed changes.
Same As
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.
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.
Relates to the maintenance of abandoned cemeteries; authorizes a solvent not-for-profit cemetery corporation that merges with an abandoned cemetery in a city to apply for state funds for the maintenance of an abandoned cemetery.
Relates to the maintenance of abandoned cemeteries; authorizes a solvent not-for-profit cemetery corporation that merges with an abandoned cemetery in a city to apply for state funds for the maintenance of an abandoned cemetery.
Prohibits mobile sports wagering operators from enabling or otherwise permitting authorized sports bettors to deposit or withdraw funds to or from their account through gift certificates, open loop gift certificates, or e-wallets.