2014 South Dakota Codified Laws
Title 55 - FIDUCIARIES AND TRUSTS
Chapter 12 - Cemetery Perpetual Care Funds
§ 55-12-18 Funds to be administered by trustee under control of licensed banking institution--Report to secretary of state.
55-12-18. Funds to be administered by trustee under control of licensed banking institution--Report to secretary of state. If a perpetual care cemetery has more than three thousand people buried in the cemetery, the cemetery shall transfer all moneys from the perpetual care fund into the principal fund. The principal fund and the earnings fund of a perpetual cemetery shall be administered by an independent trustee and shall remain in the control of a licensed banking institution. No moneys may be taken out of the principal fund to pay for the costs of administering the funds. The principal fund and the earnings fund are open for public inspection. Each perpetual care cemetery shall submit a report to the secretary of state that includes the name and address of the licensed banking institution and the account numbers of the principal account and the earnings account by April 1, 2014.
Source: SL 2014, ch 228, § 6, eff. Mar. 28, 2014.
Disclaimer: These codes may not be the most recent version. South Dakota may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
