§ 23-14-65-23 — Acceptance and receipt of real and personal property

Indiana § 23-14-65-23

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 14: CEMETERY ASSOCIATIONS
• Ch. 65: City and Town Cemeteries

Text

(a) A cemetery board may accept and
receive real and personal property:
(1) through gift, legacy, or bequest; and
(2) upon terms, conditions, or trusts that the donor or testator
designates;
for use concerning the operation, maintenance, and preservation of
cemeteries or a part of a cemetery.
(b) The property received under subsection (a) is exempt from all
taxation.
(c) If:
(1) a cemetery board receives money under subsection (a); and
(2) the money is not required currently to carry out the purpose or
trusts upon which the money was received;
the cemetery board shall invest the money in accordance with IC 5-13-9. For investment purposes under this subsection, the cemetery
board shall give preference to the purchase of bonds or securities
issued and negotiated by the municipality.
(d) A cemetery board shall use the income from securities
purchased under subsection (c) to carry out the trusts upon which the
gift was made.

Legislative History

As added by P.L.52-1997, SEC.39.