(1) Every religious society, subject to the provisions of Sections 79-11-41 through 79-11-47, which is organized, commences or continues to operate in the State of Mississippi after July 1, 1994, and desires to avail itself of the benefits of Sections 79-11-41 through 79-11-47, may provide for the creation and establishment of an irrevocable perpetual religious society trust fund, the principal of which shall permanently remain intact except as hereinafter provided and only the income thereof shall be devoted to the perpetual care of the grounds and buildings of such religious society or which may be used to further the religious purposes of such religious society, and which principal shall be known as the perpetual care fund of such religious society. This fund shall be created and established from funds collected by or donated to the religious society.

(2) The perpetual religious society trust fund shall be permanently set aside in trust to be administered under the jurisdiction of the chancery court of the chancery court district wherein the religious society is located. The chancery courts so having jurisdiction shall have full jurisdiction over the reports and accounting of trustees, amount of surety bond required, if any, and investment of funds. The courts may waive the surety bond and control of investments in the case of trusts placed with an established bank or corporate trustee. Only the income from such fund shall be used for the care and maintenance or to further the religious purposes of the religious society for which it was established.