§ 2021. Minimum acreage; sale or disposition of cemetery lands
(a) Each licensee shall set aside a minimum of five (5) acres of land for use by said licensee as a cemetery, and shall not sell, mortgage, lease or encumber the same without prior written approval of the Commissioner. (b) The fee simple title, or lesser estate, in any lands owned by licensee and dedicated […]
§ 2022. Bond requirement
(a) A bond shall be required of every licensee after ninety (90) days under the following circumstances: (1) Where, after an official examination of said licensee, a deficit in the care and maintenance trust fund, as required by section 2014 of this subchapter was established by the Commissioner or his authorized representative, and the deficit […]
§ 2023. Bond; form of
The surety bond required by all licensees under this subchapter shall be in the following form: KNOW ALL MEN BY THESE PRESENTS, That ____ of the Virgin Islands, having a place of business in ____, Virgin Islands, as principal, and the ____ of ____, and authorized to conduct and carry on a general surety business […]
§ 2014. Required trust fund for care and maintenance; remedy of Commissioner for noncompliance
No cemetery company shall be permitted to establish, or operate if already established, a cemetery without providing for the future care and maintenance of such cemetery, for which a trust fund shall be established, to be known as the “care and maintenance trust fund of (here use name of licensee).” Such trust fund shall be […]
§ 2015. Individual contracts for care and maintenance
At the time of making a sale or receiving the initial deposit hereunder, the cemetery company shall deliver to the person to whom such sale is made, or who makes such deposit, an instrument in writing which shall specifically state that the net income of the care and maintenance trust fund shall be used solely […]
§ 2016. Trust fund, percentage of payments for burial rights to be deposited
(a) There shall be set aside and deposited in the care and maintenance trust fund by the cemetery company, the following percentages for all burial rights sold, which percentage shall apply to: (1) All such payments received until such time as the amount of the corpus of such trust fund equals the sum of $15,000.00 […]
§ 2017. Trust Fund; financial reports
Within ninety (90) days after the end of the calendar or fiscal year of the cemetery company, the trustee shall furnish adequate financial reports with respect to the care fund on forms provided by the Commissioner; Provided, however, the Commissioner may require the trustee to make such additional financial reports as he may deem advisable.
§ 2018. Financial report of company affairs
The Commissioner shall require each cemetery company to submit a report of its condition, on forms provided by the Commissioner, as of such date as he may fix, at least once each calendar or fiscal year, or as often as he may order, and such report shall be submitted within ninety (90) days after the […]
§ 2009. Application for change of control; filing fee
In any case where a person, a group of persons, or a corporation proposes to purchase or acquire control of an existing cemetery company either by purchasing the outstanding capital stock of any cemetery company, or the interest of the owner or owners, and thereby to change the control of said cemetery company, such person […]
§ 2010. Commissioner; powers
(a) In addition to other powers conferred by this subchapter, the Commissioner shall have the power to: (1) Formulate and promulgate reasonable rules and regulations governing the operation of cemetery companies doing business in the Virgin Islands, which shall have the force and effect of law and he shall have the power to enforce same. […]