17-1349.   Same; investment standards; acquisition ofproperty.In acquiring, investing, reinvesting, exchanging, retaining, selling andmanaging property for the benefit of any cemetery corporation now orhereafter organized as provided in K.S.A. 17-1348, and amendmentsthereto, the governing board shall exercise such judgment and care underthe circumstances then prevailing, which persons of prudence,discretion andintelligence exercise in the management of their own affairs, not inregard to speculation but in regard to the permanent disposition oftheir funds, considering the probable income as well as the probablesafety of its capital.

      Within the limitations of the foregoing, the governing board of thecemetery corporation is authorized to acquire and retain every kind ofproperty, real, personal or mixed, and every kind of investment,specifically but not by way of limitation, bonds, debentures and othercorporate obligations, or loans secured by real estate mortgages, andstocks, preferred or common, which persons of prudence,discretion andintelligence acquire or retain for their own account, and within thelimitations of the foregoing, the governing board of the cemeterycorporation may retain property properly acquired, without limitation asto time and without regard to its suitability for original purchase.

      History:   L. 1951, ch. 215, § 2;L. 2008, ch. 44, § 1; July 1.