State Codes and Statutes
Statutes > Vermont > Title-24-appendix > Chapter-1 > 523
§ 1-523. Power and duties
The cemetery trust fund trustee shall hold in trust for cemetery purposes all moneys now on deposit in institutions or banks together with evidence of cemetery trust fund credits and may take and hold in trust grants, gifts or bequest of property made to the city in trust for cemetery purposes and apply the same in the manner directed by said grant or bequest, otherwise all income derived from any of said trust funds shall be used only for the care, improvement or embellishment of burial grounds owned by the city or use the same for the erection, preservation or removal of monuments, fences or other structures in or around the same or to pay for additional land needed for burial purposes when acquired by the city. All moneys thus received shall be receipted for in a book for that purpose in the possession of the city clerk. In such book shall also be stated the amount received for each donor, the time when, and the specific purpose if any for which the use thereof is appropriated. Said trustee may lease, sell or convey real estate so held and invest the funds received therefrom and deeds or contracts made by it shall be in the name of the City of Barre. The trustee may loan money belonging to the trust at annual or semiannual interest and as security for such loans shall take deeds or mortgages or real estate in the state. The trustee may invest the same in bonds of the United States or in such municipal bonds as are lawful investments for savings banks, savings institutions or trust companies in the state or in the shares of a savings and loan association in the state, or share accounts of a federal savings bank and loan association with its principal office in the state when and to the extent to which the withdrawal or repurchase value of such shares or accounts may be insured by the Federal Savings & Loan Insurance Corporation, or in shares of an investment company or an investment trust which is registered under the Federal Investment Company Act of 1940, as amended, if such mutual investment fund has been in operation for at least ten (10) years and has net assets of at least ten million dollars ($10,000,000.00), or may deposit the same in savings banks, trust companies or national banks in this state and the trustee shall have full power to hold, purchase, sell, assign, transfer and dispose of any of the securities or investments in which any of the funds shall have been invested, as well as the proceeds of said investment. The provisions of this section as to future investments shall not require the liquidation or disposition of securities now legally acquired and held.
