Indiana Code 23-14-48-2.4. Investment of money in perpetual care fund
(b) As used in this section, “financial institution” means any bank, trust company, mutual savings bank, savings association, or credit union that was organized and is operating under Indiana law or the laws of the United States.
Terms Used In Indiana Code 23-14-48-2.4
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
- Trustee: A person or institution holding and administering property in trust.
- United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
(1) A money market mutual fund that meets the conditions of 17 C.F.R. § 270.2a-7 under the Investment Company Act of 1940 (15 U.S.C. §§ 80a-1 et seq.).
(2) A money market mutual fund that at all times invests only in:
(A) obligations that are issued, guaranteed, or insured by the United States government; or
(B) collateralized repurchase agreements composed of obligations described in clause (A).
(d) As used in this section, “mutual fund” means:
(1) an investment company; or
(2) in the case of an investment company that is organized as a series company, an investment company series;
that is registered with the United States Securities and Exchange Commission under the Investment Company Act of 1940 (15 U.S.C. §§ 80a-1 et seq.).
(e) In administering a perpetual care fund established under section 2 of this chapter, the cemetery owner, trustee, or other entity administering the fund shall exercise the judgment and care required by IC 30-4-3.5, except that:
(1) the investment of money in the fund is not limited to:
(A) deposit in a financial institution whose deposits are insured by the Federal Deposit Insurance Corporation, the Federal Savings and Loan Insurance Corporation, the National Credit Union Share Insurance Fund, or another federal insurance fund backed by the full faith and credit of the United States government; or
(B) the purchase of government securities of the United States; and
(2) money in the fund may be invested in any of the following:
(A) Certificates of deposit issued by financial institutions.
(B) Money market mutual funds.
(C) Stock or shares of mutual funds.
(D) Any interest bearing account or fund that is offered by a financial institution or a broker or brokerage firm.
As added by P.L.14-2018, SEC.4.