CHAPTER 7. MEMORIAL CORPORATIONS
IC 10-18-7
Chapter 7. Memorial Corporations
IC 10-18-7-1
Purposes
Sec. 1. At least six (6) residents of Indiana may voluntarilyassociate themselves into a memorial corporation for the followingpurposes:
(1) To perpetuate the memory of soldiers and sailors.
(2) To hold meetings and conduct ceremonies.
(3) To decorate, beautify, maintain, protect, improve, enlarge,and enhance the conveniences of graves, cemeteries, and placesfor keeping the bodies of deceased persons.
As added by P.L.2-2003, SEC.9.
IC 10-18-7-2
Powers
Sec. 2. A memorial corporation established under this chapter hasthe following powers:
(1) To hold meetings, conduct ceremonies, and decorate gravesand burial places.
(2) To erect and pay the expenses for monuments andmemorials.
(3) To receive and hold donations, gifts, devises and bequests,and funds produced by taxation and real and personal property.
(4) To purchase, hold, lease, mortgage, hypothecate, and sellreal estate and personal property.
(5) To take real or personal property by will.
(6) To take or hold real or personal property in trust andmanage the property as set forth in the instrument creating thetrust, in a manner that is not inconsistent with the uses providedin this chapter.
(7) To invest the funds belonging to the corporation and loanand invest the money owned or held by the corporation.
(8) To sue and be sued in all matters necessary to carry out theprovisions of this chapter.
As added by P.L.2-2003, SEC.9.
IC 10-18-7-3
Officers; treasurer's bond; election of officers; corporation's books
Sec. 3. (a) The officers of a memorial corporation must includethe following:
(1) President.
(2) Vice president.
(3) Secretary.
(4) Treasurer.
(5) Three (3) trustees.
(b) All officers serve without pay except the secretary, whosecompensation shall be fixed by a majority of the trustees.
(c) The offices of secretary and treasurer may be held by the same
person.
(d) The term of each officer is for one (1) year and until theofficer's successor is elected and qualified.
(e) The treasurer shall give bond in a sum double the amount ofall money and securities that may come into the possession of thetreasurer. The amount of the bond must be approved by the trustees.
(f) Each officer must be elected by a majority vote cast by theowners of the stock. A vote may not be cast by proxy or by an agentof the owner. Elections shall be held at 2 p.m. on the first Tuesday ofApril of each year at the office of the secretary. However, an electionmay be held at another convenient place if the election is designatedin a notice signed by not less than two (2) trustees and published atleast one (1) week before the election in the weekly newspaperprinted and published nearest to the place of the election.
(g) A special election may be held for all vacant offices if a noticeis signed by all the trustees and the notice is published at least one(1) week before the election in a weekly newspaper printed andpublished nearest to the place of the election. The notice mustspecify the time and place of the election and all the officervacancies that can be filled.
(h) The books of the memorial corporation shall be kept at theoffice of the secretary.
As added by P.L.2-2003, SEC.9.
IC 10-18-7-4
Use of property
Sec. 4. All property owned or held by the memorial corporationconstitutes a permanent fund to be owned, held, used, and operatedsolely for the purposes set forth in sections 1 and 2 of this chapterand not for the gain or for the personal benefit of any person,corporation, or association.
As added by P.L.2-2003, SEC.9.
IC 10-18-7-5
Authority to hold and manage funds in trust; trusts created by will
Sec. 5. (a) A memorial corporation organized under this chaptermay hold and manage funds, money, or property in trust for anyperson or for any purpose expressed in the terms of the trust.However, the trust must be for some of the purposes or objects setforth in sections 1 and 2 of this chapter.
(b) A person competent to make a will may create a trust underthis section.
As added by P.L.2-2003, SEC.9.
IC 10-18-7-6
Nonsectarian and nondiscriminatory requirements
Sec. 6. The money, property, or income owned or held by amemorial corporation organized under this chapter may not beowned, held, or used to promote the interest or teachings of a specificchurch, sect, school, or creed. However, the memorial corporation
may not discriminate against an individual or organization becauseof religious beliefs.
As added by P.L.2-2003, SEC.9.
IC 10-18-7-7
Issuing stock; stock transfer; canceled stock
Sec. 7. (a) The stock of a memorial corporation consists of one (1)share for each five dollars ($5) of the permanent fund belonging tothe corporation. The secretary of the memorial corporation shallissue to any person paying money into, or in any manner augmenting,the permanent fund of the corporation a certificate of stock for eachfive dollars ($5) in money or property in value. Each stock certificatemust be signed by the president and attested by the secretary.
(b) Every share of stock that is issued is entitled to one (1) vote inthe election of officers. However, the vote must be cast by the ownerof the stock in person and not by an agent or a proxy.
(c) Stock in a memorial corporation may be assigned by the owneror transferred by will. If the owner of any share of the stock dieswithout having disposed of the stock by a will, the stock held by thedeceased owner is canceled. Canceled stock is referred to as "deadstock", and all other stock is referred to as "active stock", and onlythe owners of active stock may participate in election of officers ofthe memorial corporation.
As added by P.L.2-2003, SEC.9.
IC 10-18-7-8
Board of trustees' duties
Sec. 8. The board of trustees of a memorial corporation shall dothe following:
(1) Conduct the prudential affairs of the memorial corporation.
(2) Vote on the loans, investments, purchases, sales, and thepolicy and manner of conducting the affairs of the corporation.
(3) Keep all the money loaned, invested, or in some manneractive and bring into the treasury funds to carry out the spiritand letter of this chapter.
As added by P.L.2-2003, SEC.9.
IC 10-18-7-9
Perpetual existence; stock and property not taxable
Sec. 9. (a) The existence of a memorial corporation organizedunder this chapter is perpetual.
(b) The permanent fund of a memorial corporation is perpetualand may not be reduced for any purpose. The income from theinvestment of a memorial corporation's permanent fund may be usedonly for purposes allowed in this chapter.
(c) The stock and property of a memorial corporation isnontaxable.
As added by P.L.2-2003, SEC.9.
IC 10-18-7-10 Bylaws
Sec. 10. The officers and trustees of a memorial corporation mayadopt bylaws for the guidance and conduct of the memorialcorporation's affairs as the officers and trustees consider proper.However, the bylaws may not conflict with this chapter.
As added by P.L.2-2003, SEC.9.
IC 10-18-7-11
Articles of incorporation
Sec. 11. If at least six (6) persons desire to create a memorialcorporation under this chapter, each person shall pay to thepermanent fund of the corporation at least five dollars ($5) and signarticles of incorporation that contain the name of the corporation, theplace where the corporation's business will be conducted, and thenames of the individuals who will be the initial officers until the firstregular election after the organization of the memorial corporation.The articles of incorporation may be in substance as follows:
"We, the undersigned, residents of the state of Indiana, herebyassociate ourselves together for the purpose of forming amemorial corporation under the provisions of IC 10-18-7. Wehave each paid in the sum of five dollars ($5) (or the sumagreed upon). The business of the corporation shall beconducted at the town (or city) of __________ in the county of_______ and state of Indiana, and the officers to hold and toconduct the affairs of the corporation until the next regularelection, as provided by IC 10-18-7, shall be: _______,president; _______, vice president; _______, secretary;__________, treasurer; and __________, ________, and_______, trustees (filling all blanks to suit the application). Thename of the corporation shall be The _______ MemorialAssociation of _______, Indiana.
In witness whereof, we hereunto subscribe our names this_______ day of _______ (month) in _______ (year).
Names
Names"
As added by P.L.2-2003, SEC.9.
IC 10-18-7-12
Filing articles of incorporation
Sec. 12. If:
(1) section 11 of this chapter is fully complied with;
(2) the articles provided for in section 11 of this chapter aresigned; and
(3) the money is paid to the treasurer;
the articles of incorporation shall be filed with the secretary of state,along with a fee of one dollar ($1). The secretary of state shall recordthe articles in the secretary of state's office and return to the secretaryof the corporation a certified copy of the articles. The certificatemust contain the date of the filing. The memorial corporation isconsidered to be in full force and existence from the time the articlesof incorporation are filed.As added by P.L.2-2003, SEC.9.