452.100 - Trustees of endowment care fund: Appointment; right of director to serve; limitation on compensation; appointment of bank or trust company as sole trustee. - Nevada Statutes

452.100  Trustees of endowment care fund: Appointment; right of director to serve; limitation on compensation; appointment of bank or trust company as sole trustee.

      1.  The cemetery authority may appoint a board of trustees of not less than three in number as trustees of its endowment care fund. The members of the board of trustees shall hold office subject to the direction of the cemetery authority.

      2.  The directors of a cemetery authority, if any, may be the trustee of its endowment care fund. When the fund is in the care of the directors as a board of trustees, the secretary of the cemetery authority shall act as its secretary and keep a true record of all of its proceedings.

      3.  No sum in excess of 5 percent of the income derived from the fund in any year shall be paid as compensation to the board of trustees for its services as trustee.

      4.  In lieu of the appointment of a board of trustees of its endowment care fund, any cemetery authority may appoint as sole trustee of its endowment care fund any bank or trust company qualified under the laws of the State of Nevada to engage in the trust business.

      [6:138:1953]