47-29-22. Authorization to establish perpetual fund--Donations--Election of trustees--Bond and accounting of trustees. A cemetery corporation also has power:
(1) To establish a perpetual fund to be used in purchasing and maintaining mowing equipment, hiring maintenance staff, caring for, ornamenting, beautifying, and improving its grounds;
(2) To receive donations, devises, and legacies for such purpose; and
(3) To elect three trustees to care for and invest such trust fund in such manner and under such restrictions and for such term or terms as may be prescribed by its articles of incorporation or bylaws.
The directors of any such corporation have power to require bonds from such trustees, from time to time, conditioned for the faithful discharge of their duties in such amounts as such board may deem necessary for the safety and proper security of such fund; and such trustees shall account at least once each year for all income arising from such perpetual fund and to make a full and detailed report of the condition of the fund if required by the board of directors.
Source: SDC 1939, § 11.1909; SL 2012, ch 225, § 1; SL 2013, ch 232, § 1.
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