20-17-1015. Permanent maintenance fund — Annual report.

20-17-1015. Permanent maintenance fund — Annual report. (a)(1) Within seventy-five (75) days after the end of each calendar year, the State Board of Embalmers, Funeral Directors, Cemeteries, and Burial Services shall require the trustee of the permanent maintenance fund to file under oath a detailed annual report of the condition of the fund. (2) The annual report shall include: (A) A description of the assets of the fund; (B) A description of cemetery property encumbered by a lien and the amount of the lien; (C) The cost of acquiring each asset; (D) The market value of the asset at the time of its acquisition, its current market value, and the status of any default; (E) A statement that: (i) The fund is not encumbered by debt; and (ii) None of the assets of the fund constitute loans to: (a) The cemetery company for which the trust fund is established; or (b) An officer or director of the cemetery company; and (F) Any other information the trustee or the board deems pertinent. (b) The report shall show the amounts of principal and undistributed income of the fund at the beginning of the period, the amounts deposited by the cemetery company into the fund during the period, the income earned and disbursements made during the period, the details of any investment or reinvestment during the period, and the balances of principal and income at the end of the period being reported on. (c)(1) If the trustee of the fund fails to meet the requirements of this section, then it shall be the duty of the board to apply to the Pulaski County Circuit Court for an order to require the trustee of the fund to file a proper report and to make any additional contributions due to the failure to timely file the annual report. (2) If funds have been misappropriated by the trustee or are not being handled as required by law, then the board shall apply to the circuit court in the county in which the cemetery is located to have a receiver or conservator appointed by the court to take custody of the trust funds for the benefit of the cestui que trust. The receiver or conservator is vested with full power to file such suits against the defaulting trustee as may be necessary to require a full accounting and restoration of the trust funds and to turn the residue over to another trustee as the cemetery shall select, in conformity with this subchapter, as the new trustee of the permanent maintenance fund. (3) If the trustee does not timely file the annual report required by subsection (a) of this section, the board may require the trustee to pay an additional contribution to the permanent maintenance fund of no more than fifty dollars ($50.00) per day until the report is filed with the board.