New York A04347 allows cemetery corporations to retire certificates or instruments of indebtedness for their permanent maintenance fund.
New York A04347 amends the not-for-profit corporation law to allow cemetery corporations to retire any certificates or other instruments of indebtedness related to their operations. This retirement benefits the cemetery's permanent maintenance fund. The bill requires the cemetery corporation to notify the certificate owners at least sixty days before retirement. After retirement, any voting rights for these certificates or instruments are annulled, and claimants are entitled only to the value of the instrument at the time of transfer.
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