§441-40 Application of principal and income; responsibility of trustee. (a) The trustee shall be held responsible for all payments received for deposit in the perpetual care fund and pre-need trust. The trustee shall not withdraw money from the income of the perpetual care fund unless the cemetery authority submits a certified statement that withdrawals shall be used for the perpetual care of the cemetery, including reasonable administrative expenses incurred in connection with operating a perpetual care cemetery. Further, the trustee shall not withdraw money from the principal of the pre-need trust unless the cemetery or pre-need funeral authority submits a certified statement that the person entitled to the pre-need services or the assignee has received the services or that the purchaser has requested a refund of moneys.
(b) For the purposes of asset management and safekeeping of the funds, the trustee shall have the authority to inquire into the propriety of expenditures made by a cemetery and pre-need funeral authority in connection with the operation of the authority's business.
(c) The cemetery and pre-need funeral authority shall provide the trustee with the findings of the annual audit and actuarial study, which shall serve as guidelines in the management and safekeeping of the funds. [L 1967, c 199, pt of §1; HRS §441-40; am L 1985, c 101, §20]
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