452.060 - Investment of principal of funds: Disposition of income; separate records for funds required; creation of reserve to replace loss of principal. - Nevada Statutes

452.060  Investment of principal of funds: Disposition of income; separate records for funds required; creation of reserve to replace loss of principal.

      1.  The principal of all funds for endowment care shall 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. Endowment and special care funds shall be maintained separate and distinct from all other funds and the trustees shall keep separate records thereof.

      2.  The trustee of the endowment care fund shall create a reserve from which principal losses may be replaced by setting aside a reasonable percentage of the income from the fund.

      [2:138:1953]