§ 5308 — Custodian of funds; bond

When such funds are not deposited with a bank chartered by the State or a national bank, the custodian or depositary thereof, unless otherwise directed by the terms of the trust or other provisions of this chapter, shall be the treasurer of the agency owning, operating, or controlling the cemetery in which lots or burial spaces are sold, or in which mausoleums or columbariums are located, who shall furnish and file with such agency, at its expense, a good and sufficient bond or bonds with surety or sureties approved by the Probate Division of the Superior Court, indemnifying and securing such agency against loss occasioned by the failure of the treasurer to properly protect, preserve, and administer such funds under the treasurer’s control. Such funds shall be invested and the income from the funds expended upon the written orders of the directors or trustees of such agency. (Amended 2009, No. 154 (Adj. Sess.), § 238a, eff. Feb. 1, 2011; 2023, No. 6, § 169, eff. July 1, 2023.)