§ 23-14-65-7 — Permanent maintenance fund

Indiana § 23-14-65-7

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

Text

(a) Part of the proceeds derived from the sale
of lots within a cemetery to which this chapter applies may be set aside
as a permanent maintenance fund.
(b) Not more than fifty percent (50%) of the proceeds from the sale
of lots may be set aside as a permanent maintenance fund under this
section.
(c) The income from a permanent maintenance fund established
under this section shall remain in the fund, except as provided in
subsection (d).
(d) If the revenue from the sale of lots and other income from a
cemetery to which this chapter applies becomes insufficient to meet the
expense of maintaining the cemetery, income derived from the fund
and its accretions may be used in whole or in part as the needs of the
cemetery require, after appropriation by the legislative body according
to statute.

Legislative History

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