9-1105. Financial statement of trustee;
disposition of funds
A. Within sixty days from the first publication provided for by this article, the
trustee shall make a full and true statement in writing of all monies expended by him,
and his reasonable charges for time and services in the administration of the trust to
that time which shall be and remain a first charge upon the lands in favor of the
trustee.
B. The money collected shall be applied first to reimburse the parties who advanced
the money to enter the townsite with interest at ten per cent per annum, and then to the
discharge of other outstanding claims incurred in entering the townsite or executing the
trust. Any surplus shall be paid to the governing body of the city or town, if
incorporated, for making public improvements, or, if unincorporated, for making such
public improvements as may be directed by a meeting of the citizens of the town to be
held after thirty days notice by the trustee.
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