§35-5A-4. Additional Funding of Permanent Endowment Care Funds
No person shall operate or continue to operate any perpetual care cemetery in the State of West Virginia after July 1, 1973, without placing into a permanent endowment care fund $10 or ten percent of the gross sales proceeds, whichever is greater, received from the sale of any burial right or lot and not less […]
§35-5A-5. Trustee of the Permanent Endowment Care Funds
The trustee of the permanent endowment care fund shall be a federally insured trust company or a federally insured banking institution with fiduciary powers authorized and qualified to exercise trust powers under and subject to the provisions of article four, chapter thirty-one-a of this code, or of the corresponding law of another state. A nonresident […]
§35-5A-6. Cemeteries Exempted
This article does not apply to any private or family cemetery wherein lots or spaces are not offered for public sale or to any cemetery which is owned and operated entirely and exclusively by churches, religious societies, established fraternal organizations, municipalities or other subdivisions of the state or a national cemetery.
§35-5A-7. Inconsistent Provisions
The provisions and requirements of this article shall take precedence over and shall supersede any other provisions of this code which may be inconsistent therewith.
§35-5A-1. Definitions
The following words and phrases as used in this article, unless a different meaning is clearly indicated by the context, shall have the following meanings: (a) "Person" means any corporation, company, partnership, individual, association or other entity owning or operating a cemetery for the disposition of human remains. (b) "Perpetual care cemetery" means a cemetery […]
§35-5A-2. Objects and Purposes
No person shall operate or continue to operate a perpetual care cemetery in West Virginia unless a permanent endowment care fund has been established, maintained and administered as required by this article. The income from the permanent endowment care fund so established shall be used only as permitted by this article.
§35-5A-3. Establishment of Permanent Endowment Care Funds
No person desiring to organize, develop and operate a perpetual care cemetery in West Virginia after July 1, 1973, shall offer to sell or sell any burial lot, burial right, entombment right or columbarium right in such cemetery, without first establishing a permanent endowment trust fund, segregated from all other assets, and placing therein a […]
§35-5-3. Permanent Endowment Funds for Cemetery Associations — How Created
There is hereby authorized the creation of permanent endowment funds for cemetery associations to be known as "permanent endowment funds," the income from which is to be annually spent by such cemetery associations, or their successors, in beautifying and maintaining cemeteries owned or controlled by such associations. The "permanent endowment funds" are to be created […]
§35-5-4. Same — How Invested; Report of Trustee; Disposition of Income
The principal of such permanent endowment fund shall be invested in some safe securities, including government bonds, and corporate bonds that have been rated A or above to be approved by the board of directors of such cemetery association, or its successors, in the name of a trustee appointed as hereinafter provided. Such trustee shall […]
§35-5-5. Permanent Endowment Funds for Cemetery Associations — Trustee Therefor; Appointment; Bond; Compensation; Vacancy
The board of directors of any such cemetery association shall appoint a trustee, who shall be a responsible businessman or some solvent federally insured banking institution, to act as such trustee for a period of two years, or until his or its, successor is appointed. Such trustee shall be known as the trustee of the […]