§ 750-r. Endowment care or similar trust funds. 1. A pet cemetery which commenced operations prior to the effective date of this article shall establish an endowment care or similar trust fund, the balance of which shall not be less then twelve thousand dollars, by January first, nineteen hundred ninety-five. The secretary of state may grant a waiver to the provisions of this subdivision if an endowment care or similar trust fund is established and twelve thousand dollars is placed in such fund within a reasonable amount of time not to exceed ten years from the effective date of this article and the provisions of this section will present a significant financial hardship to the pet cemetery owner or operator.

2. A pet cemetery which commences operations on or after the effective date of this article, shall, prior to the acceptance of any moneys as annual maintenance fees, establish an endowment care or similar trust fund for the permanent operation and maintenance of the pet cemetery, in an amount of not less than twelve thousand dollars.

3. The fiduciary holding such endowment care or similar trust fund shall have such power to invest such fund as set forth in section 11-2.2 of the estates, powers and trusts law. The interest earnings of such trust fund shall be used exclusively for the operation and maintenance of such pet cemetery. Any distribution of principal of such option and trust fund shall only be upon order of the supreme court of the county where the pet cemetery is located, for good cause and exclusively for the operation and benefit of such pet cemetery. Unless such distribution of principal shall be as part of a removal of dedication for such pet cemetery, such order shall additionally make adequate provision for the permanent maintenance of the pet cemetery.

4. A pet cemetery, owned and operated by a not-for-profit corporation that has in excess of one million dollars in its endowment care or similar trust fund, may use any surplus income in such trust fund above and beyond its costs for pet cemetery operation and maintenance in any manner allowed by the not-for-profit corporation's charter or by-laws, provided that the use of such surplus does not endanger the integrity of such trust fund.

5. A pet cemetery, owned and operated by a not-for-profit corporation that is a humane society may be granted a waiver of the provisions of this section by the secretary of state if the secretary determines that the interests of the pet owners will be adequately protected and the provisions of this section present a significant financial hardship to the pet cemetery owner.

6. Such trust funds are not invalid by reason of any indefiniteness or uncertainty of the persons designated as beneficiaries, nor shall they be invalid as violating any existing rule against perpetuities.