17-1312.Same; custody; requirements; limitations.
The permanent maintenance fund required to be established by K.S.A.
17-1311, and amendments thereto, shall at all times be in the custody of a
trust company located within the state of Kansas, a
state or national bank located within the state of Kansas, a state or
federally chartered savings and loan association located within the state
of Kansas or a federally chartered savings bank located within the state of
Kansas.
Each cemetery corporation shall establish a trust for moneys deposited in the
permanent maintenance fund in accordance with this section. If the market
value of the trust is less than $45,000, the trust may have an individual
trustee so
long as the trust's assets are maintained in a segregated account. If the
market value of the trust is $45,000 or more, the trustee shall be a trust
company located within the state of Kansas, a state or national bank located
within the state of Kansas, a state or federally chartered savings and loan
association located within the state of Kansas or a federally chartered savings
bank located within the state of Kansas.
Any such trust company, bank, savings and loan
association or federally chartered
savings bank with which the custody of a permanent maintenance fund has
been entrusted may invest, reinvest,
exchange, retain, sell and manage the moneys within such fund. If the
treasurer of any cemetery corporation shall entrust the custody of the
permanent maintenance fund to a savings and loan association or
associations or federally chartered savings bank or banks, the amount
of moneys in the custody of any such
association or savings bank shall not exceed the amount for which deposits in
such savings and loan association or savings bank are insured by the federal
savings and loan
insurance corporation or other insurer approved by the state
commissioner of insurance. If the treasurer of any cemetery corporation
shall entrust the custody of the permanent maintenance fund to a bank or
banks or federally chartered savings bank or banks, the amount of money
in the custody of any such bank or savings bank shall not
exceed the amount for which deposits in such bank or savings bank are insured
by the federal deposit insurance corporation or other insurer approved by the
state bank commissioner. Such trust company, bank, savings and loan
association, federally chartered savings bank or individual
trustee may serve without bond and may be reasonably compensated for
its services out of the income of the fund. It shall be a provision of
any such trust agreement that no moneys, other than income from the
trust, shall be paid over to the cemetery corporation by the trustee,
except upon the written permission of the secretary of state.
History: L. 1901, ch. 102, § 6; R.S. 1923, 17-1312; L. 1968, ch.
330, § 4; L. 1978, ch. 76, § 2; L. 1985, ch. 91, § 2; L. 1989, ch.
48, § 78;
L. 1994, ch. 229, § 5; July 1.
17-1312.Same; custody; requirements; limitations.
The permanent maintenance fund required to be established by K.S.A.
17-1311, and amendments thereto, shall at all times be in the custody of a
trust company located within the state of Kansas, a
state or national bank located within the state of Kansas, a state or
federally chartered savings and loan association located within the state
of Kansas or a federally chartered savings bank located within the state of
Kansas.
Each cemetery corporation shall establish a trust for moneys deposited in the
permanent maintenance fund in accordance with this section. If the market
value of the trust is less than $45,000, the trust may have an individual
trustee so
long as the trust's assets are maintained in a segregated account. If the
market value of the trust is $45,000 or more, the trustee shall be a trust
company located within the state of Kansas, a state or national bank located
within the state of Kansas, a state or federally chartered savings and loan
association located within the state of Kansas or a federally chartered savings
bank located within the state of Kansas.
Any such trust company, bank, savings and loan
association or federally chartered
savings bank with which the custody of a permanent maintenance fund has
been entrusted may invest, reinvest,
exchange, retain, sell and manage the moneys within such fund. If the
treasurer of any cemetery corporation shall entrust the custody of the
permanent maintenance fund to a savings and loan association or
associations or federally chartered savings bank or banks, the amount
of moneys in the custody of any such
association or savings bank shall not exceed the amount for which deposits in
such savings and loan association or savings bank are insured by the federal
savings and loan
insurance corporation or other insurer approved by the state
commissioner of insurance. If the treasurer of any cemetery corporation
shall entrust the custody of the permanent maintenance fund to a bank or
banks or federally chartered savings bank or banks, the amount of money
in the custody of any such bank or savings bank shall not
exceed the amount for which deposits in such bank or savings bank are insured
by the federal deposit insurance corporation or other insurer approved by the
state bank commissioner. Such trust company, bank, savings and loan
association, federally chartered savings bank or individual
trustee may serve without bond and may be reasonably compensated for
its services out of the income of the fund. It shall be a provision of
any such trust agreement that no moneys, other than income from the
trust, shall be paid over to the cemetery corporation by the trustee,
except upon the written permission of the secretary of state.
History: L. 1901, ch. 102, § 6; R.S. 1923, 17-1312; L. 1968, ch.
330, § 4; L. 1978, ch. 76, § 2; L. 1985, ch. 91, § 2; L. 1989, ch.
48, § 78;
L. 1994, ch. 229, § 5; July 1.
17-1312.Same; custody; requirements; limitations.
The permanent maintenance fund required to be established by K.S.A.
17-1311, and amendments thereto, shall at all times be in the custody of a
trust company located within the state of Kansas, a
state or national bank located within the state of Kansas, a state or
federally chartered savings and loan association located within the state
of Kansas or a federally chartered savings bank located within the state of
Kansas.
Each cemetery corporation shall establish a trust for moneys deposited in the
permanent maintenance fund in accordance with this section. If the market
value of the trust is less than $45,000, the trust may have an individual
trustee so
long as the trust's assets are maintained in a segregated account. If the
market value of the trust is $45,000 or more, the trustee shall be a trust
company located within the state of Kansas, a state or national bank located
within the state of Kansas, a state or federally chartered savings and loan
association located within the state of Kansas or a federally chartered savings
bank located within the state of Kansas.
Any such trust company, bank, savings and loan
association or federally chartered
savings bank with which the custody of a permanent maintenance fund has
been entrusted may invest, reinvest,
exchange, retain, sell and manage the moneys within such fund. If the
treasurer of any cemetery corporation shall entrust the custody of the
permanent maintenance fund to a savings and loan association or
associations or federally chartered savings bank or banks, the amount
of moneys in the custody of any such
association or savings bank shall not exceed the amount for which deposits in
such savings and loan association or savings bank are insured by the federal
savings and loan
insurance corporation or other insurer approved by the state
commissioner of insurance. If the treasurer of any cemetery corporation
shall entrust the custody of the permanent maintenance fund to a bank or
banks or federally chartered savings bank or banks, the amount of money
in the custody of any such bank or savings bank shall not
exceed the amount for which deposits in such bank or savings bank are insured
by the federal deposit insurance corporation or other insurer approved by the
state bank commissioner. Such trust company, bank, savings and loan
association, federally chartered savings bank or individual
trustee may serve without bond and may be reasonably compensated for
its services out of the income of the fund. It shall be a provision of
any such trust agreement that no moneys, other than income from the
trust, shall be paid over to the cemetery corporation by the trustee,
except upon the written permission of the secretary of state.
History: L. 1901, ch. 102, § 6; R.S. 1923, 17-1312; L. 1968, ch.
330, § 4; L. 1978, ch. 76, § 2; L. 1985, ch. 91, § 2; L. 1989, ch.
48, § 78;
L. 1994, ch. 229, § 5; July 1.
