(1) The provisions of this section shall apply to every religious society that elects to establish and maintain a perpetual religious society trust fund as provided in Section 79-11-45.

(2) Within thirty (30) days after the end of the calendar or its fiscal year, each religious society covered hereunder shall file with the clerk of the chancery court having jurisdiction thereof an annual account, which account shall contain the following information:

(a) The name of the religious society, the date of organization and the location of the religious society;

(b) The amounts paid into the perpetual religious society trust fund, and the income earned therefrom during the preceding fiscal year;

(c) The names and addresses of the officers of the religious society and any change of control which has occurred during the past fiscal or calendar year.

(3) The custodian or trustee of the perpetual religious society trust fund of each religious society shall annually prepare and file with the religious society a detailed accounting and report of such fund on or before March 31 of each year for the calendar year ending the preceding December 31 or within ninety (90) days after the end of the fiscal year of the trust agreement, which report shall include, among other things, properly itemized, the securities in which the monies in the fund are then invested. The accounting and report shall be at all times available to inspection and copy by any member of the religious society at the usual place for transacting the regular affairs of the religious society. Within forty-five (45) days after the time by which the custodian or trustee’s accounting and report is required to be filed with the religious society officers, the religious society officers shall file a copy of such accounting and report with the clerk of the chancery court.

(4) As a condition to the transfer of any perpetual religious society trust fund monies from one trustee or trust institution to another, the religious society for which such fund is maintained shall, not less than thirty (30) days prior to the time when such transfer is to occur, file with the chancery clerk a written notice of intent to transfer accompanied with a letter of intent to receive such trust fund monies from the trustee or trust institution to which such trust fund monies are to be transferred. Such fund monies shall be transferred directly from the existing custodian or trustee to the receiving custodian or trustee.

(5) Each chancery clerk shall maintain a properly indexed book of record in which there shall be kept, preserved and open for public inspection a copy of each record, report and notice required to be filed with the chancery clerk under the provisions of this section. For filing and indexing the records, reports and notices under this section, the chancery clerk shall be authorized to charge such fees as are provided in Section 25-7-9 for the recording and indexing of deeds.

(6) The clerk of the chancery court having jurisdiction shall, upon the failure to timely receive any of the records, reports or notices provided for in this section, immediately give notice by registered letter to the religious society, its officers and directors, at their last known address, that such records, reports or notices have not been received.

(7) Whenever it reasonably appears to the court upon complaint filed with the chancery court having jurisdiction thereof by any religious society member, or the family, legal representative or next of kin of any such member participating in the perpetual care religious society, that (a) such perpetual religious society trust fund is insolvent or about to become insolvent; or (b) no perpetual religious society trust fund has been established for such religious society or, if established, the trust fund does not contain such funds as are required to be contained therein, the court shall order a private audit and examination of any perpetual religious society trust fund of such religious society.

In the event that such audit and examination shows that the perpetual care religious society trust fund is insolvent or is about to become insolvent, or that a sufficient trust fund is not established or being maintained for such perpetual care religious society trust fund, the court shall exercise such jurisdiction and make and issue such orders and decrees as may be necessary to correct and enforce compliance with the provisions of Sections 79-11-41 through 79-11-47 and all such other orders and decrees as shall be just, equitable and in the public interest, including the appointment of receivers to continue or terminate the operation of such perpetual care trust fund of such religious society.