§ 8-1.4 Supervision of trustees for charitable purposes\n (a) For the purposes of this section, "trustee" means (1) any\nindividual, group of individuals, executor, trustee, corporation or\nother legal entity holding and administering property for charitable\npurposes, whether pursuant to any will, trust, other instrument or\nagreement, court appointment, or otherwise pursuant to law, over which\nthe attorney general has enforcement or supervisory powers, (2) any\nnon-profit corporation organized under the laws of this state for\ncharitable purposes and (3) any non-profit foreign corporation organized\nfor charitable purposes, doing business or holding property in this\nstate. Neither a foreign corporation nor a trustee acting under the will\nof, or an agreement executed by, a non-resident of this state shall\nbecome subject to the provisions of this section merely by reason of\nmaintaining a bank, custody, investment or similar account in this\nstate.\n (b) The registration and reporting provisions of this section do not\napply to (1) the United States, any state, territory or possession of\nthe United States, the District of Columbia, the Commonwealth of Puerto\nRico or to any of their agencies or governmental subdivisions, (2) any\ntrustee which is required by any other provision of law to render a\nfull, complete and itemized annual financial report to the congress of\nthe United States or to the legislature of this state, provided that\nsuch report contains the information required of trustees pursuant to\nthis article, (3) corporations organized under the religious\ncorporations law and other religious agencies and organizations, and\ncharities, agencies and organizations operated, supervised or controlled\nby or in connection with a religious organization, (4) educational\ninstitutions incorporated under the education law or by special act, (5)\nany hospital, (6) fraternal, patriotic, veterans, volunteer\nfirefighters, volunteer ambulance workers, social, student or alumni\norganizations and historical societies chartered by the New York state\nboard of regents, (7) a trust for which there is a corporate trustee\nacting as sole trustee or co-trustee under the terms of a will of a\ndecedent who died domiciled in a state other than New York or a trust\ninstrument executed by a non-resident of the state of New York, (8) any\ntrust in which and so long as the charitable interest is deferred or\ncontingent, (9) any person who, in his or her capacity as an officer,\ndirector or trustee of any corporation or organization mentioned in this\nparagraph, holds property for the religious, educational or charitable\npurposes of such corporation or organization so long as such corporation\nor organization is registered with the attorney general pursuant to this\nsection, (10) any cemetery corporation subject to the provisions of\narticle fifteen of the not-for-profit corporation law, (11) the state\nparent teachers association and any parent teachers association\naffiliated with an educational institution that is subject to the\njurisdiction of the state education department, (12) any corporation\norganized under article forty-three of the insurance law. The provisions\nof this subdivision shall apply only to the registration and reporting\nrequirements of this section and shall not limit, impair, change or\nalter any other provision of this article, the not-for-profit\ncorporation law or any other provision of law.\n (c) The attorney general shall establish and maintain a register of\nall trustees containing such information as the attorney general deems\nappropriate, and to that end may conduct such investigations as he or\nshe deems necessary and shall obtain from public records, court\nofficers, taxing authorities, trustees and other sources without the\npayment of any fee or charge, whatever information, copies of\ninstruments, reports and records are needed for the establishment and\nmaintenance of the register.\n (d) Every
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.