§ 65-61. Required trust fund for care and maintenance; remedy of Commission for noncompliance. - North Carolina Statutes

§65‑61.  Required trust fund for care and maintenance; remedy ofCommission for noncompliance.

No cemetery company shall bepermitted to establish, or operate if already established, a cemetery unlessprovision is made for the future care and maintenance of such cemetery byestablishing a trust fund and designating a corporate trustee to administersaid fund in accordance with a written trust agreement. If any cemetery companyrefuses or otherwise fails to provide or maintain an adequate care and maintenancetrust fund in accordance with the provisions of this Article, the Commission,after reasonable notice, shall proceed to enforce compliance under the powersvested in it under this Article; provided any nonprofit cemetery corporation,incorporated and engaged in the cemetery business continuously since and priorto 1915 and whose current trust assets exceed seven hundred fifty thousanddollars ($750,000) shall not be required to designate a corporate trustee. Thetrust fund agreement shall contain and include the following: name, location,and address of both the licensee and the trustee showing the date of agreementtogether with the amounts required deposited as stated in this Article. Noperson shall withdraw or transfer any portion of the corpus of the care andmaintenance trust fund without first obtaining written consent from theCommission. (1943, c. 644, s. 9; 1957, c. 529, s. 3; 1967, c.1009, s. 9; 1975, c. 768, s. 1; 1977, c. 686, s. 13.)