46-1-203 - Requirements for organization Improvement care fund deposit. - Tennessee Statutes

46-1-203. Requirements for organization Improvement care fund deposit.

(a)  No person or group of persons shall engage in the business of owning and operating a cemetery company, except as authorized by this chapter and chapter 2 of this title, and without first:

     (1)  If an entity required to register with or obtain any form of approval from the secretary of state, obtaining the registration or approval and retaining the registration and approval in an active status as long as the cemetery company is owned and operated by the applicant;

     (2)  Entering into a trust agreement in accordance with § 46-1-204; and

     (3)  Depositing either cash or a surety bond approved by the commissioner in its improvement care trust fund, in an amount to be determined according to the population of the county in which the cemetery is located, as estimated by the 1960 federal census or any subsequent federal census, as follows:

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(b)  The requirements of this section shall also be applicable to any existing cemetery company that establishes or opens a new cemetery, or an addition to an existing cemetery, on or after January 1, 2007.

[Acts 1968, ch. 523, § 1 (17.05); 1968, ch. 557, § 1; impl. am. Acts 1971, ch. 137, § 1; 1976, ch. 773, § 2; T.C.A., § 46-105; Acts 1986, ch. 693, §§ 1, 6; T.C.A. § 46-1-105; Acts 2006, ch. 1012, § 3.]