§65‑60.1. Trustees; qualifications; examination of records; enforcement.
(a) The term"corporate trustee" as used in this Article shall mean either a bankor trust company authorized to do business in North Carolina under thesupervision of the Commissioner of Banks or any other corporate entity;provided that any corporate entity other than a bank or trust company whichacts as trustee under this Article shall first be approved by the CemeteryCommission and shall be subject to supervision by the Cemetery Commission asprovided herein.
(b) Any corporateentity, other than a bank or trust company, which desires to act as trustee forcemetery funds under this Article shall make application to the Commission forapproval. The Commission shall approve the trustee when it has become satisfiedthat:
(1) The applicantemploys and is directed by persons who are qualified by character, experience,and financial responsibility to care for and invest the funds of others.
(2) The applicant willperform its duties in a proper and legal manner and the trust funds andinterest of the public generally will not be jeopardized.
(3) The applicant willact as trustee for cemetery funds which will exceed five hundred thousanddollars ($500,000) in the aggregate.
(4) The applicant isauthorized to do business in North Carolina and has adequate facilities toperform its duties as trustee.
(c) Any trustee underthis Article, other than a bank or trust company under the supervision of theCommissioner of Banks, shall maintain records relative to cemetery trust fundsas the Commission may by regulation prescribe. The records shall be availableat the trustee's place of business in North Carolina and shall be available atall reasonable times for examination by a representative of the Commission. Therecords shall be audited annually, within 90 days from the end of the trustfund's fiscal year, by an independent certified public accountant, and a copyof the audit report shall be promptly forwarded to the Commission.
(d) Whenever it appearsthat an officer, director, or employee of a trustee, other than a bank or trustcompany, is dishonest, incompetent, or reckless in the management of a cemeterytrust fund, the Commission may bring an action in the courts to remove thetrustee and to impound the property and business of the trustee as may bereasonably necessary to protect the trust funds.
(e) Any trustee shallinvest and reinvest cemetery trust funds in the same manner as provided by lawfor the investment of trust funds by the clerk of the superior court; provided,however, that cemetery trust funds held in a fund designated as Trust Fund"A" pursuant to G.S. 65‑64(e) may be invested and reinvested inaccordance with G.S. 36A‑2. (1977, c. 686, s. 15; 1979,c. 888, s. 9; 1995, c. 509, s. 135.3(a).)
§65‑60.1. Trustees; qualifications; examination of records; enforcement.
(a) The term"corporate trustee" as used in this Article shall mean either a bankor trust company authorized to do business in North Carolina under thesupervision of the Commissioner of Banks or any other corporate entity;provided that any corporate entity other than a bank or trust company whichacts as trustee under this Article shall first be approved by the CemeteryCommission and shall be subject to supervision by the Cemetery Commission asprovided herein.
(b) Any corporateentity, other than a bank or trust company, which desires to act as trustee forcemetery funds under this Article shall make application to the Commission forapproval. The Commission shall approve the trustee when it has become satisfiedthat:
(1) The applicantemploys and is directed by persons who are qualified by character, experience,and financial responsibility to care for and invest the funds of others.
(2) The applicant willperform its duties in a proper and legal manner and the trust funds andinterest of the public generally will not be jeopardized.
(3) The applicant willact as trustee for cemetery funds which will exceed five hundred thousanddollars ($500,000) in the aggregate.
(4) The applicant isauthorized to do business in North Carolina and has adequate facilities toperform its duties as trustee.
(c) Any trustee underthis Article, other than a bank or trust company under the supervision of theCommissioner of Banks, shall maintain records relative to cemetery trust fundsas the Commission may by regulation prescribe. The records shall be availableat the trustee's place of business in North Carolina and shall be available atall reasonable times for examination by a representative of the Commission. Therecords shall be audited annually, within 90 days from the end of the trustfund's fiscal year, by an independent certified public accountant, and a copyof the audit report shall be promptly forwarded to the Commission.
(d) Whenever it appearsthat an officer, director, or employee of a trustee, other than a bank or trustcompany, is dishonest, incompetent, or reckless in the management of a cemeterytrust fund, the Commission may bring an action in the courts to remove thetrustee and to impound the property and business of the trustee as may bereasonably necessary to protect the trust funds.
(e) Any trustee shallinvest and reinvest cemetery trust funds in the same manner as provided by lawfor the investment of trust funds by the clerk of the superior court; provided,however, that cemetery trust funds held in a fund designated as Trust Fund"A" pursuant to G.S. 65‑64(e) may be invested and reinvested inaccordance with G.S. 36A‑2. (1977, c. 686, s. 15; 1979,c. 888, s. 9; 1995, c. 509, s. 135.3(a).)
§65‑60.1. Trustees; qualifications; examination of records; enforcement.
(a) The term"corporate trustee" as used in this Article shall mean either a bankor trust company authorized to do business in North Carolina under thesupervision of the Commissioner of Banks or any other corporate entity;provided that any corporate entity other than a bank or trust company whichacts as trustee under this Article shall first be approved by the CemeteryCommission and shall be subject to supervision by the Cemetery Commission asprovided herein.
(b) Any corporateentity, other than a bank or trust company, which desires to act as trustee forcemetery funds under this Article shall make application to the Commission forapproval. The Commission shall approve the trustee when it has become satisfiedthat:
(1) The applicantemploys and is directed by persons who are qualified by character, experience,and financial responsibility to care for and invest the funds of others.
(2) The applicant willperform its duties in a proper and legal manner and the trust funds andinterest of the public generally will not be jeopardized.
(3) The applicant willact as trustee for cemetery funds which will exceed five hundred thousanddollars ($500,000) in the aggregate.
(4) The applicant isauthorized to do business in North Carolina and has adequate facilities toperform its duties as trustee.
(c) Any trustee underthis Article, other than a bank or trust company under the supervision of theCommissioner of Banks, shall maintain records relative to cemetery trust fundsas the Commission may by regulation prescribe. The records shall be availableat the trustee's place of business in North Carolina and shall be available atall reasonable times for examination by a representative of the Commission. Therecords shall be audited annually, within 90 days from the end of the trustfund's fiscal year, by an independent certified public accountant, and a copyof the audit report shall be promptly forwarded to the Commission.
(d) Whenever it appearsthat an officer, director, or employee of a trustee, other than a bank or trustcompany, is dishonest, incompetent, or reckless in the management of a cemeterytrust fund, the Commission may bring an action in the courts to remove thetrustee and to impound the property and business of the trustee as may bereasonably necessary to protect the trust funds.
(e) Any trustee shallinvest and reinvest cemetery trust funds in the same manner as provided by lawfor the investment of trust funds by the clerk of the superior court; provided,however, that cemetery trust funds held in a fund designated as Trust Fund"A" pursuant to G.S. 65‑64(e) may be invested and reinvested inaccordance with G.S. 36A‑2. (1977, c. 686, s. 15; 1979,c. 888, s. 9; 1995, c. 509, s. 135.3(a).)
