452.160 - Use of funds; authorized investments; annual financial statements. - Nevada Statutes

452.160  Use of funds; authorized investments; annual financial statements.

      1.  Endowment care funds must not be used for any purpose other than to provide, through income only, for the reserves authorized by law and for the endowment care of the cemetery in accordance with the resolutions, bylaws, rules and regulations or other actions or instruments of the cemetery authority.

      2.  The funds must be invested and reinvested in:

      (a) Bonds of the United States;

      (b) Bonds of this state or the bonds of other states;

      (c) Bonds of counties or municipalities of any state;

      (d) With the approval of the Administrator, first mortgages or first trust deeds on improved real estate;

      (e) Deposits in any bank, credit union or savings and loan association that is federally insured or insured by a private insurer approved pursuant to NRS 678.755; or

      (f) With the written approval of the Administrator, any investment which would be proper under the provisions of NRS 164.700 to 164.775, inclusive.

Ê Pending investment as provided in this subsection, such funds may be deposited in an account in any savings bank, credit union or savings and loan association which is qualified to do business in the State of Nevada and which is federally insured or insured by a private insurer approved pursuant to NRS 678.755.

      3.  Each cemetery authority operating an endowment care cemetery shall submit to the Administrator annually, on a form prescribed and adopted by the Administrator, a financial statement of the condition of its endowment care fund. The statement must be accompanied by a fee of $10. If the statement is not received by the Administrator, he or she may, after giving 10 days’ notice, revoke the cemetery authority’s certificate of authority.

      [12:138:1953]—(NRS A 1960, 337; 1971, 2074; 1983, 139; 1987, 1270; 1999, 1498; 2003, 1982)