17-1348. Certain charitable purpose corporations; joint custody of assets.
17-1348
17-1348. Certain charitable purpose corporations; joint custody of
assets.
Any cemetery corporation now organized or existing, or which may be
hereafter organized, for the purpose of establishing and maintaining a
cemetery or cemeteries for charitable purposes and having or acquiring a
perpetual care or permanent maintenance fund containing assets of at
least $100,000, may by action of its governing board enter into an
agreement with a bank, having its principal office in this state, for the
joint custody of such assets, which assets are to be deposited for
safekeeping with such bank and such joint custody to be between the
treasurer and governing body of such corporation and the bank. Whenever
such assets are so deposited with a bank, the treasurer of such corporation
may be relieved from furnishing any surety bond relative thereto otherwise
required by law.
History: L. 1951, ch. 215, § 1; L. 1989, ch. 48, § 79; July 1.