Compilation of Rules and Regulations of the State of Georgia
Department 590 - RULES OF OFFICE OF SECRETARY OF STATE
Chapter 590-3 - CEMETERIES, PRENEED DEALERS, AND MERCHANDISE DEALERS
Subject 590-3-3 - PERPETUAL CARE CEMETERIES
Rule 590-3-3-.06 - Trustee of Perpetual Care Trust Fund

Universal Citation: GA Rules and Regs r 590-3-3-.06

Current through Rules and Regulations filed through September 23, 2024

(1) The following persons may act as the trustee of the perpetual care trust fund required by § 10-14-6 of the Act:

(a) A bank or financial institution incorporated pursuant to Official Code of Georgia Annotated § 7-1-390, et seq., and authorized to exercise and validly exercising the powers of a fiduciary pursuant to Article 2, Chapter 1 of Title 7 of the Official Code of Georgia Annotated, as now or hereafter amended;

(b) A building and loan or savings and loan association incorporated pursuant to Official Code of Georgia Annotated § 7-1-770, et seq., and authorized to exercise and validly exercising the powers of a fiduciary pursuant to Article 7, Chapter 1 of Title 7 of the Official Code of Georgia Annotated, as now or hereafter amended;

(c) A trust company incorporated pursuant to Official Code of Georgia Annotated § 7-1-390, et seq., and authorized to exercise and validly exercising the powers of a fiduciary pursuant to Article 2, Chapter 1 of Title 7 of the Official Code of Georgia Annotated, as now or hereafter amended;

(d) A national bank authorized to act as a fiduciary under the laws of the United States;

(e) A federally chartered savings and loan association authorized to act as a fiduciary under the laws of the United States; and

(f) Any other institution with trust powers authorized to be a depository for a perpetual care trust fund under the Act or which is approved by the Secretary of State or which meets standards set forth in these Rules.

(2) Any prospective trustees of a type not specifically described in the Act or these Rules may petition the Secretary of State for approval.

(3) Upon approval of the Secretary of State, a cemetery owner or an officer or director of a cemetery company or its affiliate may act as trustee of a perpetual care trust fund if the account documents require the signature of the Secretary of State or his or her authorized representative in order for any withdrawal to be made from said account and if the depository agreement is in a form satisfactory to the Secretary of State.

(4)

(a) No less than ten (10) days prior to any change or substitution of the trustee of a perpetual care trust fund, the cemetery or cemetery company required to establish and maintain a perpetual care trust fund pursuant to Official Code of Georgia Annotated § 10-14-6 shall file a notice with the Secretary of State that contains the following:
1. The cemetery name and registration number;

2. The cemetery location and mailing address, including city, state and zip code;

3. The cemetery phone number;

4. The name, telephone number and address, including city, state and zip code, of the new trustee of the perpetual care trust fund;

5. A copy of the perpetual care trust fund agreement executed by the registrant and the new trustee;

6. The name, address, location, and telephone number of the perpetual care trust fund depository or depositories along with the names of the perpetual care trust accounts and the account numbers;

7. A dated and notarized signature of the individual duly authorized to sign the notice filing, including the signatory's printed name and title. If the cemetery is incorporated, the president or authorized individual shall sign; and

8. If the person signing did not prepare the notice filing, the printed name, signature, and title of the person who prepared the notice filing is required.

(b) Within thirty (30) days after any change or substitution of the trustee of a perpetual care trust fund, the former trustee shall submit to the Office of the Secretary of State the following:
1. The yearly financial report required by Official Code of Georgia Annotated § 10-14-6(h), which shall be calculated based on the year-to-date with respect to the perpetual care trust fund; and

2. Written certification detailing the account balances as of the date of transfer to the new trustee and verification of the assets delivered to the new trustee.

(c) Within thirty (30) days after any change or substitution of the trustee of a perpetual care trust fund, the new trustee shall submit to the Secretary of State written certification detailing the account balances as of the date of receipt of the perpetual care trust funds and verification of the assets received by the new trustee.

O.C.G.A. §§ 10-14-3.1 and 10-14-14.

Disclaimer: These regulations may not be the most recent version. Georgia may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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