Section 10.30.090. Debts of association or corporation.

Latest version.

A cemetery association or nonprofit cemetery corporation may contract debts in anticipation of future receipts for the original purchase of cemetery land, the laying out and embellishment of the grounds and avenues of the cemetery, the construction and repair of a building, mausoleum or columbarium, the purchase or lease of necessary equipment, or other cemetery purposes, for which debts the association or corporation may issue bonds or notes.  An association or corporation may secure these debts by mortgage upon its lands, except cemetery lots that have been conveyed to the members of the association or to trustees, officers, or employees of the corporation, or by a security interest in not more than 50 percent of the irreducible fund.

Notes

History

(Sec. 36-5-5 ACLA 1949; am Sec. 5 ch 107 SLA 1984)

                    
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