17-1348.   Certain charitable purpose corporations; joint custody ofassets.Any cemetery corporation now organized or existing, or which may behereafter organized, for the purpose of establishing and maintaining acemetery or cemeteries for charitable purposes and having or acquiring aperpetual care or permanent maintenance fund containing assets of atleast $100,000, may by action of its governing board enter into anagreement with a bank, having its principal office in this state, for thejoint custody of such assets, which assets are to be deposited forsafekeeping with such bank and such joint custody to be between thetreasurer and governing body of such corporation and the bank. Wheneversuch assets are so deposited with a bank, the treasurer of such corporationmay be relieved from furnishing any surety bond relative thereto otherwiserequired by law.

      History:   L. 1951, ch. 215, § 1; L. 1989, ch. 48, § 79; July 1.