16-331.   Same; refusal to establish trust fund; forfeiture of corporate franchise.Any cemetery corporation which refuses or neglects to establish or maintaina cemetery merchandise trust fund in accordance with the requirements ofthis act for a period of 90 days after demand to do so is made upon itby the secretary of state shall be deemed to have forfeited its corporatefranchise. The attorney general, upon the request of the secretary of state,shall then begin an action for the appointment of a receiver for such cemeterycorporation and to dissolve the same.

      History:   L. 1982, ch. 96, § 12; Jan. 1, 1983.