§ 23-18-5. Sales before completion of structure — Bond.
No crypt, room, or space in the structure shall be sold or offered for sale before
the structure is entirely completed, unless and until the agency selling the crypt
or niches, enters into an agreement whereby it agrees to refund to each and every
purchaser all sums of money paid by each, together with legal interest on all sums
of money, in the event it fails to complete the structure within the time which shall
have been limited by the city or town wherein the structure is located, which agreement
shall be entered into with some bank or trust company or other organization as trustee
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§ 23-18-5. Sales before completion of structure — Bond.
No crypt, room, or space in the structure shall be sold or offered for sale before
the structure is entirely completed, unless and until the agency selling the crypt
or niches, enters into an agreement whereby it agrees to refund to each and every
purchaser all sums of money paid by each, together with legal interest on all sums
of money, in the event it fails to complete the structure within the time which shall
have been limited by the city or town wherein the structure is located, which agreement
shall be entered into with some bank or trust company or other organization as trustee
for the persons as directed by the city or town, nor until the agency shall also have
made, executed and delivered to the trustee, its bond, with adequate security, if
required, conditioned upon paying to the trustee a sum of money sufficient to provide
for the refund previously provided and to provide for the repair, maintenance, and
replacement of the structure, or shall have paid or delivered to the trustee a sum
of money or other property sufficient for these purposes, the amount of the bond,
payment, or delivery of property and the security on the bonds, if any shall be required,
to be fixed and determined by the city or town wherein the structure is located.