Section 47-29-22 - Authorization to establish perpetual fund--Use of income--Receipt of funds--Election oftrustees--Bond of trustees--Annual accounting of trustees. - South Dakota Statutes

47-29-22. Authorization to establish perpetual fund--Use of income--Receipt of funds--Election of trustees--Bond of trustees--Annual accounting of trustees. A cemetery corporation shall also have power:
(1) To establish a perpetual fund of which only the income shall be used in caring for, ornamenting, beautifying, and improving its grounds;
(2) To receive donations, devises, and legacies for such purpose; and
(3) To elect three trustees to care for and invest such trust fund in such manner and under such restrictions and for such term or terms as may be prescribed by its articles of incorporation or bylaws.
The directors of any such corporation shall have power to require bonds from such trustees, from time to time, conditioned for the faithful discharge of their duties in such amounts as such board may deem necessary for the safety and proper security of such fund; and such trustees shall be required to account at least once each year for all income arising from such perpetual fund and to make a full and detailed report of the condition of such fund whenever required by the board of directors.

Source: SDC 1939, § 11.1909.