New York A00865 requires the appointment of an independent fiduciary upon the closing of a charter school to oversee the dissolution process.

New York A00865 amends the education law to mandate the appointment of an independent fiduciary when a charter school closes. This fiduciary, who can be a non-profit entity, a school district, or an individual, is responsible for developing and implementing the dissolution plan, including the distribution of assets. The fiduciary has the authority to review and approve contracts and disbursements, and can override decisions that conflict with the dissolution plan. The fiduciary must be compensated by the charter school and is entitled to defense and indemnification.

New York A00865 requires the appointment of an independent fiduciary upon the closing of a charter school to oversee the dissolution process.

New York A00865 amends the education law to mandate the appointment of an independent fiduciary when a charter school closes. This fiduciary, who can be a non-profit entity, a school district, or an individual, is responsible for developing and implementing the dissolution plan, including the distribution of assets. The fiduciary has the authority to review and approve contracts and disbursements, and can override decisions that conflict with the dissolution plan. The fiduciary must be compensated by the charter school and is entitled to defense and indemnification.