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Indiana Code Title 23. Business and Other Associations § 23-14-65-23

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 23. (a) A cemetery board may accept and receive real and personal property:

(1) through gift, legacy, or bequest;  and

(2) upon terms, conditions, or trusts that the donor or testator designates;

for use concerning the operation, maintenance, and preservation of cemeteries or a part of a cemetery.

(b) The property received under subsection (a) is exempt from all taxation.

(c) If:

(1) a cemetery board receives money under subsection (a);  and

(2) the money is not required currently to carry out the purpose or trusts upon which the money was received;

the cemetery board shall invest the money in accordance with IC 5-13-9.  For investment purposes under this subsection, the cemetery board shall give preference to the purchase of bonds or securities issued and negotiated by the municipality.

(d) A cemetery board shall use the income from securities purchased under subsection (c) to carry out the trusts upon which the gift was made.

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Cite this article: FindLaw.com - Indiana Code Title 23. Business and Other Associations § 23-14-65-23 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-23-business-and-other-associations/in-code-sect-23-14-65-23/

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