North Carolina Administrative Code
Title 21 - OCCUPATIONAL LICENSING BOARDS AND COMMISSIONS
Chapter 07 - CEMETERY COMMISSION
Subchapter D - TRUST FUNDS
Section .0100 - MAINTENANCE AND CARE FUNDS (PERPETUAL CARE FUNDS)
Section 07D .0108 - WITHDRAWALS FROM PERPETUAL CARE TRUST FUNDS
Universal Citation: 21 NC Admin Code 07D .0108
Current through Register Vol. 39, No. 6, September 16, 2024
(a) For purposes of this Rule, the following definitions shall apply:
(1) "corpus amount" means the sum of:
(A) the amount of all deposits made to a
trust fund at the inception of the trust fund; and
(B) the aggregate amount of all deposits made
to the trust fund after the inception of the trust fund.
(2) "deposits" means the deposits to trust
funds required by
G.S.
65-64.
(3) "income" means interest income, dividend
income, or any amount of capital gain income to the extent allowed to be
withdrawn by the Commission pursuant to this Rule.
(4) "total market value" means the total
market value of the assets in the trust fund, as reflected in the records of
the trustee.
(5) "trust fund" means
a care and maintenance trust fund required by
G.S.
65-61 or perpetual care trust fund required
by G.S.
65-63.
(b) Without the prior written approval of the Commission pursuant to G.S. 65-61, no amounts from a trust fund may be withdrawn from the trust fund if either:
(1)
at the time of the withdrawal, the total market value of the trust fund is less
than the corpus amount; or
(2)
immediately after the withdrawal is made, the total market value of the trust
fund would be less than the corpus amount.
Authority
G.S.
65-49;
65-61;
Eff. April 1,
2020.
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