A cemetery association or nonprofit cemetery corporation may by its bylaws provide that a stated percentage of the money realized from the sale of cemetery lots and donations constitutes an irreducible fund, which may be invested in the manner or loaned upon the securities the association or corporation considers proper. The interest or income from the irreducible fund provided for in a bylaw, or as much as may be necessary, shall be devoted exclusively to (1) the preservation and embellishment of the grounds, buildings, and property of the association or corporation that are related to the operation of a cemetery; (2) the preservation and embellishment of cemetery lots and space in buildings or on grounds sold to the association or corporation that are related to the operation of a cemetery; or (3) the payment of interest and principal of debts authorized by the association or corporation for the purchase of land or equipment or for the construction or improvement of buildings that are related to the operation of a cemetery. If a bylaw has been enacted for the creation of an irreducible fund, the percentage stated in the bylaw may not be reduced.
Structure Alaska Statutes
Title 10. Corporations and Associations
Chapter 30. Cemetery Associations and Nonprofit Cemetery Corporations
Sec. 10.30.010. Formation of cemetery association.
Sec. 10.30.030. Effect of filing and recording.
Sec. 10.30.040. Succession and powers of trustees.
Sec. 10.30.055. Formation of nonprofit cemetery corporation.
Sec. 10.30.058. Other transactions.
Sec. 10.30.070. Creation and use of irreducible fund.
Sec. 10.30.080. Disposition of income from cemetery land.
Sec. 10.30.090. Debts of association or corporation.
Sec. 10.30.100. Transfer of cemetery lots.
Sec. 10.30.110. Sale of unsuitable land.
Sec. 10.30.120. Purpose of cemetery lots sold; exemptions.
Sec. 10.30.130. Plans of grounds and cemetery lots.
Sec. 10.30.140. Maintenance of cemetery land.