Section R. 456.1401 - Endowment and perpetual care trust agreement; requirementsRule 401.
(1) The endowment and perpetual care trust fund agreement shall include reference to all of the following:(a) No portion of the interest or income of the funds required to be in the trust may be used directly or indirectly for salaries or other payments to the officers, directors, partners, members, or managers of the entity owning the cemetery.(b) The income and interest from the fund may be paid only to the person in possession, management, operation, and control of the grounds and structures intended to benefit from the fund.(c) The sole use of the income and interest from the fund shall be for the endowment and perpetual care of the cemetery specifically intended to benefit from the fund.(d) The trust shall be governed by state law.(2) If the registrant chooses to direct the trustee in the investment of the funds under section 16 of the act, MCL 456.536(4), the registrant shall provide the commissioner with an acceptable certificate of proof of fiduciary liability insurance every 6 months.Mich. Admin. Code R. 456.1401
2015 MR 19, Eff. 10/6/2015