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Virginia Administrative Code (Last Updated: January 10, 2017) |
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Title 18. Professional and Occupational Licensing |
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Agency 47. Cemetery Board |
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Chapter 20. Cemetery Board Rules and Regulations |
Section 200. Perpetual care trust fund and bonding requirement
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A. Each licensed cemetery company shall establish a perpetual care trust fund in accordance with § 54.1-2316 of the Code of Virginia.
B. If the trustee for the perpetual care trust fund is other than a Virginia trust company or trust subsidiary or a federally insured bank or savings institution doing business in the Commonwealth, the trustee shall be approved by the board and shall deposit a fidelity bond in accordance with § 54.1-2317 of the Code of Virginia.
C. Deposits into the fund shall be made in accordance with §§ 54.1-2319 through 54.1-2321 of the Code of Virginia.
D. The income from the perpetual care trust fund shall be used in accordance with § 54.1-2322 of the Code of Virginia.
E. Each licensed cemetery company shall submit written financial reports regarding perpetual care trust funds to the board as prescribed by §§ 54.1-2323 and 54.1-2324 of the Code of Virginia.
F. Transfer of funds to another trustee shall be done in accordance with § 54.1-2337 of the Code of Virginia.
Historical Notes
Derived from Volume 16, Issue 13, eff. April 12, 2000; Errata, 16:14 VA.R. 1911 March 27, 2000.