17-1316.   Cemetery corporations in or adjacent to cities of more than40,000.All cemetery companies organized prior to March, 1901, owning orcontrolling a cemetery of fifty or more acres in or adjacent to a city ofthe first class having a population of 40,000 or more, the land of whichwas conveyed to said company in payment of capital stock issued therefor,shall be under the management and control of directors elected by thestockholders thereof, and that all of the acts of any board of directorsheretofore regularly elected by stockholders in any such company whichwould be legal if done by any other private corporation are herebyrecognized, confirmed and made valid: Provided, That from and afterthis date no dividends shall be issued in excess of six percent on theoriginal capital stock of such corporation: And provided further, Thatall net earnings in excess of six percent shall be set apart for apermanent care fund for such cemetery.

      History:   L. 1909, ch. 72, § 1; May 29; R.S. 1923, 17-1316.