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AN ACT
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relating to perpetual care trust funds and a master trust account. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 712.021(g), Health and Safety Code, as |
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amended by Chapters 71 (S.B. 1402) and 1051 (H.B. 1948), Acts of the |
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85th Legislature, Regular Session, 2017, is reenacted to read as |
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follows: |
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(g) In this subsection, "master trust account" means an |
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account containing the perpetual care trust funds of two or more |
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certificate holders for the purpose of collective investment and |
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administration. The trustors of two or more perpetual care trust |
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funds may establish a master trust account in which deposits |
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required by this chapter are made, provided that separate records |
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of principal and income are maintained for each perpetual care |
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cemetery for the benefit of which the master trust account is |
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established, and further provided that the income attributable to |
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each perpetual care cemetery is used only for the perpetual care of |
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that cemetery. |
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SECTION 2. This Act takes effect September 1, 2019. |
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______________________________ |
______________________________ |
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President of the Senate |
Speaker of the House |
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I certify that H.B. No. 2950 was passed by the House on April |
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26, 2019, by the following vote: Yeas 139, Nays 0, 2 present, not |
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voting. |
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______________________________ |
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Chief Clerk of the House |
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I certify that H.B. No. 2950 was passed by the Senate on May |
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21, 2019, by the following vote: Yeas 31, Nays 0. |
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______________________________ |
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Secretary of the Senate |
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APPROVED: _____________________ |
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Date |
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_____________________ |
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Governor |