§ 750-r. Endowment care or similar trust funds.
1.A pet cemetery\nwhich commenced operations prior to the effective date of this article\nshall establish an endowment care or similar trust fund, the balance of\nwhich shall not be less then twelve thousand dollars, by January first,\nnineteen hundred ninety-five. The secretary of state may grant a waiver\nto the provisions of this subdivision if an endowment care or similar\ntrust fund is established and twelve thousand dollars is placed in such\nfund within a reasonable amount of time not to exceed ten years from the\neffective date of this article and the provisions of this section will\npresent a significant financial hardship to the pet cemetery owner or\noperator.\n 2. A pet cemetery which commences operations on or after the effec
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§ 750-r. Endowment care or similar trust funds. 1. A pet cemetery\nwhich commenced operations prior to the effective date of this article\nshall establish an endowment care or similar trust fund, the balance of\nwhich shall not be less then twelve thousand dollars, by January first,\nnineteen hundred ninety-five. The secretary of state may grant a waiver\nto the provisions of this subdivision if an endowment care or similar\ntrust fund is established and twelve thousand dollars is placed in such\nfund within a reasonable amount of time not to exceed ten years from the\neffective date of this article and the provisions of this section will\npresent a significant financial hardship to the pet cemetery owner or\noperator.\n 2. A pet cemetery which commences operations on or after the effective\ndate of this article, shall, prior to the acceptance of any moneys as\nannual maintenance fees, establish an endowment care or similar trust\nfund for the permanent operation and maintenance of the pet cemetery, in\nan amount of not less than twelve thousand dollars.\n 3. The fiduciary holding such endowment care or similar trust fund\nshall have such power to invest such fund as set forth in section 11-2.2\nof the estates, powers and trusts law. The interest earnings of such\ntrust fund shall be used exclusively for the operation and maintenance\nof such pet cemetery. Any distribution of principal of such option and\ntrust fund shall only be upon order of the supreme court of the county\nwhere the pet cemetery is located, for good cause and exclusively for\nthe operation and benefit of such pet cemetery. Unless such distribution\nof principal shall be as part of a removal of dedication for such pet\ncemetery, such order shall additionally make adequate provision for the\npermanent maintenance of the pet cemetery.\n 4. A pet cemetery, owned and operated by a not-for-profit corporation\nthat has in excess of one million dollars in its endowment care or\nsimilar trust fund, may use any surplus income in such trust fund above\nand beyond its costs for pet cemetery operation and maintenance in any\nmanner allowed by the not-for-profit corporation's charter or by-laws,\nprovided that the use of such surplus does not endanger the integrity of\nsuch trust fund.\n 5. A pet cemetery, owned and operated by a not-for-profit corporation\nthat is a humane society may be granted a waiver of the provisions of\nthis section by the secretary of state if the secretary determines that\nthe interests of the pet owners will be adequately protected and the\nprovisions of this section present a significant financial hardship to\nthe pet cemetery owner.\n 6. Such trust funds are not invalid by reason of any indefiniteness or\nuncertainty of the persons designated as beneficiaries, nor shall they\nbe invalid as violating any existing rule against perpetuities.\n