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Incorporated cemetery company as qualified trustee - 9 Pa. Cons. Stat. § 309

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     § 309.  Incorporated cemetery company as qualified trustee.
        (a)  General rule.--Every incorporated cemetery company may
     act as qualified trustee of the permanent lot care fund required
     by this chapter and may be appointed the original trustee, or,
     when for any reason a vacancy may occur in a trusteeship,
     substituted or successor trustee, and as such may receive
     devises, or gifts, the principal of which is to be held, in
     trust, in perpetuity or for a lesser period of time, for the
     care, maintenance, preservation, ornamentation or benefit of its
     cemetery, or the cemetery lots therein, upon giving its own bond
     without surety. The directors of any such corporation are hereby
     made trustees of any such funds so deposited or received, and
     neither such funds nor the income derived therefrom shall be
     used by such trustees for any purpose other than the purpose for
     which they were deposited, devised, donated, or otherwise
     acquired. The directors of such corporation shall cause accurate
     accounts to be kept of such trust funds separate and apart from
     the other funds of the corporation. Any such corporation may
     combine and merge the principal of two or more such trust funds
     and any funds so set aside in an omnibus fund for the purposes
     of investment of the same.
        (b)  Transfers to institutional fiduciary.--Any incorporated
     cemetery company may, by appropriate action of its stockholders
     or members and board of directors and with the approval of the
     court of common pleas of the county in which the cemetery, or
     any part thereof, is situated, transfer any of such funds to one
     or more institutional trustees, and with like investment
     restrictions, such transfer to be either revocable, or absolute
     and irrevocable, and upon the transfer of any such funds, the
     incorporated cemetery company and its directors shall be
     relieved of all liability for the investment and reinvestment
     thereof.

        Cross References.  Section 309 is referred to in sections
     101, 308 of this title.

Last modified: November 27, 2007