§ 513 — Administration of assets received for specific purposes

New York § 513

• Jurisdiction: New York
• Law NPC: Not-for-Profit Corporation
• Art. 5: Corporate Finance

Text

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