Trust fund for endowment care: Administration.
1. The principal of all trust funds for the endowment care of a cemetery must be invested and the income only used for the care, maintenance and embellishment of the cemetery, in accordance with the provisions of law and the resolutions, bylaws, rules and regulations or other actions or instruments of the cemetery authority, and for no other purpose. The trust funds must be maintained separate and distinct from all other funds and the trustees shall keep separate records thereof.
2. The trustee of the trust fund shall create a reserve from which principal losses may be replaced by setting aside a reasonable percentage of the income from the fund.
Last modified: February 26, 2006