State Codes and Statutes

Statutes > New-york > Npc > Article-5 > 513

§ 513. Administration of assets received for specific purposes.    (a)  A corporation which is, or would be if formed under this chapter,  classified as a Type B corporation shall hold full ownership  rights  in  any assets consisting of funds or other real or personal property of any  kind,  that may be given, granted, bequeathed or devised to or otherwise  vested in such corporation in trust for, or with a  direction  to  apply  the  same to, any purpose specified in its certificate of incorporation,  and shall not be deemed a trustee of an express trust  of  such  assets.  Any  other corporation subject to this chapter may similarly hold assets  so received, unless otherwise provided by law or in the  certificate  of  incorporation.    (b)  Except  as  may be otherwise permitted under article eight of the  estates, powers and trusts law or section 555 (Release  or  modification  of  restrictions  on  management, investment, or purpose), the governing  board shall apply all assets thus received to the purposes specified  in  the  gift  instrument as defined in section 551 (Definitions) and to the  payment of the reasonable and proper expenses of administration of  such  assets.  The governing board shall cause accurate accounts to be kept of  such assets separate and apart from the accounts of other assets of  the  corporation.  Unless the terms of the particular gift instrument provide  otherwise, the treasurer shall make an annual report to the members  (if  there  be  members)  or  to the governing board (if there be no members)  concerning the assets held under this section and the use made  of  such  assets and of the income thereof.

State Codes and Statutes

Statutes > New-york > Npc > Article-5 > 513

§ 513. Administration of assets received for specific purposes.    (a)  A corporation which is, or would be if formed under this chapter,  classified as a Type B corporation shall hold full ownership  rights  in  any assets consisting of funds or other real or personal property of any  kind,  that may be given, granted, bequeathed or devised to or otherwise  vested in such corporation in trust for, or with a  direction  to  apply  the  same to, any purpose specified in its certificate of incorporation,  and shall not be deemed a trustee of an express trust  of  such  assets.  Any  other corporation subject to this chapter may similarly hold assets  so received, unless otherwise provided by law or in the  certificate  of  incorporation.    (b)  Except  as  may be otherwise permitted under article eight of the  estates, powers and trusts law or section 555 (Release  or  modification  of  restrictions  on  management, investment, or purpose), the governing  board shall apply all assets thus received to the purposes specified  in  the  gift  instrument as defined in section 551 (Definitions) and to the  payment of the reasonable and proper expenses of administration of  such  assets.  The governing board shall cause accurate accounts to be kept of  such assets separate and apart from the accounts of other assets of  the  corporation.  Unless the terms of the particular gift instrument provide  otherwise, the treasurer shall make an annual report to the members  (if  there  be  members)  or  to the governing board (if there be no members)  concerning the assets held under this section and the use made  of  such  assets and of the income thereof.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Npc > Article-5 > 513

§ 513. Administration of assets received for specific purposes.    (a)  A corporation which is, or would be if formed under this chapter,  classified as a Type B corporation shall hold full ownership  rights  in  any assets consisting of funds or other real or personal property of any  kind,  that may be given, granted, bequeathed or devised to or otherwise  vested in such corporation in trust for, or with a  direction  to  apply  the  same to, any purpose specified in its certificate of incorporation,  and shall not be deemed a trustee of an express trust  of  such  assets.  Any  other corporation subject to this chapter may similarly hold assets  so received, unless otherwise provided by law or in the  certificate  of  incorporation.    (b)  Except  as  may be otherwise permitted under article eight of the  estates, powers and trusts law or section 555 (Release  or  modification  of  restrictions  on  management, investment, or purpose), the governing  board shall apply all assets thus received to the purposes specified  in  the  gift  instrument as defined in section 551 (Definitions) and to the  payment of the reasonable and proper expenses of administration of  such  assets.  The governing board shall cause accurate accounts to be kept of  such assets separate and apart from the accounts of other assets of  the  corporation.  Unless the terms of the particular gift instrument provide  otherwise, the treasurer shall make an annual report to the members  (if  there  be  members)  or  to the governing board (if there be no members)  concerning the assets held under this section and the use made  of  such  assets and of the income thereof.

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