Except upon written approval of the director, no loan or investment of care funds accepted by a cemetery authority shall be made:
A. to any officer, director or trustee of the cemetery authority or to any person in which any officer, director or trustee of the cemetery authority has a controlling interest;
B. on or in real estate or in a note, bond, mortgage or deed of trust in which any officer, director or trustee of the cemetery authority has any financial interest; or
C. on or in any unproductive real estate or real estate outside this state or permanent improvements of the cemetery or any of its facilities unless specifically authorized by the instrument by which the principal fund was created. No commission or brokerage fee for the purchase or sale of property shall be paid in excess of that usual and customary at the time and in the locality where the purchase or sale is made, and all commissions and brokerage fees shall be fully reported in the next annual statement of the cemetery authority or trustee.
History: 1953 Comp., § 67-29-5, enacted by Laws 1961, ch. 156, § 5; 2001, ch. 149, § 5.
ANNOTATIONSThe 2001 amendment, effective July 1, 2001, in the introductory language, substituted "director" for "state bank examiner", substituted "no loan or investment of care funds accepted by a cemetery authority shall be made" for "no loan or investment of any care funds by any cemetery authority owning, operating, controlling or managing a cemetery or by any trustee shall be made"; and substituted "person" for "firm, corporation, association or partnership" in Subsection A.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 14 C.J.S. Cemeteries § 10.