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Texas Statutes (Last Updated: January 4, 2014) |
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HEALTH AND SAFETY CODE |
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Title 8. DEATH AND DISPOSITION OF THE BODY |
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Subtitle C. CEMETERIES AND CREMATORIES |
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Chapter 712. PERPETUAL CARE CEMETERIES |
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Subchapter A. GENERAL PROVISIONS |
Sec. 712.004. PERPETUAL CARE TRUST FUND REQUIRED
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(a) Before obtaining a corporate charter, the incorporators of a corporation chartered on or after September 3, 1945, and before September 1, 1993, must establish a fund by permanently depositing in cash with the trustee of the fund:
(1) $15,000, if the corporation has capital stock of $15,000;
(2) $30,000, if the corporation has capital stock of $30,000; or
(3) $50,000, if the corporation has capital stock of $50,000 or more.
(b) Before obtaining a corporate charter, the incorporators of a corporation chartered on or after September 1, 1993, must establish a fund by permanently depositing in cash with the trustee of the fund an amount of not less than $50,000 for each perpetual care cemetery operated in this state.
(c) The fund shall be permanently set aside and deposited in trust with the trustee in accordance with Subchapter B.