| |
| |
|
|
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. |