86R12986 EAS-F
 
  By: Guillen H.B. No. 2950
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to perpetual care trust funds and a master trust account.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 712.021(g), Health and Safety Code, as
  amended by Chapters 71 (S.B. 1402) and 1051 (H.B. 1948), Acts of the
  85th Legislature, Regular Session, 2017, is reenacted to read as
  follows:
         (g)  In this subsection, "master trust account" means an
  account containing the perpetual care trust funds of two or more
  certificate holders for the purpose of collective investment and
  administration. The trustors of two or more perpetual care trust
  funds may establish a master trust account in which deposits
  required by this chapter are made, provided that separate records
  of principal and income are maintained for each perpetual care
  cemetery for the benefit of which the master trust account is
  established, and further provided that the income attributable to
  each perpetual care cemetery is used only for the perpetual care of
  that cemetery.
         SECTION 2.  This Act takes effect September 1, 2019.