§441-40 Application of principal and income; responsibility of trustee. (a) The trustee shall be held responsible for all payments received for deposit in the perpetual care fund and pre-need trust. The trustee shall not withdraw money from the income of the perpetual care fund unless the cemetery authority submits a certified statement that withdrawals shall be used for the perpetual care of the cemetery, including reasonable administrative expenses incurred in connection with operating a perpetual care cemetery. Further, the trustee shall not withdraw money from the principal of the pre-need trust unless the cemetery or pre-need funeral authority submits a certified statement that the person entitled to the pre-need services or the assignee has received the services or that the purchaser has requested a refund of moneys.
(b) For the purposes of asset management and safekeeping of the funds, the trustee shall have the authority to inquire into the propriety of expenditures made by a cemetery and pre-need funeral authority in connection with the operation of the authority's business.
(c) The cemetery and pre-need funeral authority shall provide the trustee with the findings of the annual audit and actuarial study, which shall serve as guidelines in the management and safekeeping of the funds. [L 1967, c 199, pt of §1; HRS §441-40; am L 1985, c 101, §20]
Structure Hawaii Revised Statutes
Title 25. Professions and Occupations
441. Cemetery and Funeral Trusts
441-2 Certificate of dedication.
441-3 Map or plat required; unique identifier.
441-4 Subdivision law not applicable; approval of location and boundaries by council.
441-5 Securities law not applicable to sales of cemetery property.
441-6 When dedication complete; effect of dedication.
441-7 Constructive notice of dedication.
441-8 Resurvey; amended map or plat.
441-9 Dedicated property exempt from improvement assessment.
441-11 Use as cemetery may not be disturbed after dedication.
441-12 Mortgages and liens; consumer contracts; sales prohibited.
441-14 Dedication to cemetery purposes does not violate laws against perpetuities.
441-17 Existing cemeteries deemed dedicated; extension of existing cemeteries.
441-19 Powers and duties of director.
441-20 License required to act as cemetery or pre-need funeral authority.
441-20.5 Audit of records of cemetery or pre-need funeral authority.
441-20.6 Retaining consultants.
441-21 No cemetery or pre-need funeral authority license issued when.
441-22.2 Pre-need trusts required.
441-22.5 Mortuary, cemetery, or pre-need funeral authority; disclosure requirements.
441-22.6 Mortuary, cemetery, or pre-need funeral authority: price list to be furnished.
441-22.8 Cancellation; default and termination; refund.
441-23 Fine, revocation, suspension, and renewal of authority licenses.
441-24 Inspection of cemetery or pre-need funeral authority books.
441-24.5 Pre-need trusts and perpetual care funds; audited financial statements.
441-24.6 Pre-need trusts and perpetual care funds; actuarial studies.
441-24.7 Actuarial study, audited financial statement, trust agreement; available for review.
441-25 License not required to act as cemetery or pre-need funeral salesperson.
441-29 Application for license; fees.
441-31 Fees; biennial renewals.
441-32.5 Sales contracts; filing with the director.
441-35 Perpetual care fund expressly permitted.
441-36 Perpetual care required.
441-37 Trustee of perpetual care fund and pre-need trust.
441-38 Contributions and payments to the trustee.
441-39 Principal of fund or trusts; use of income, reserves.
441-40 Application of principal and income; responsibility of trustee.
441-41 Investment of perpetual care funds and pre-need trusts.
441-42 Trustee's compensation.
441-43 Inspection, regulation, and supervision of administrator.