Nevada § 452.720 - Trust fund for endowment care: Use; deposit and investments; submission of annual financial statement

§ 452.720. Trust fund for endowment care: Use; deposit and investments; submission of annual financial statement

1. Money held in trust for the endowment care of a cemetery for pets must not be used

for any purpose other than to provide, through income only, for the reserves authorized

by law and for the endowment care of the cemetery in accordance with the resolutions,

bylaws, rules and regulations or other actions or instruments of the cemetery authority. 2. The money must be invested and reinvested in: (a) Bonds of the United States; (b) Bonds of this state or the bonds of other states; (c) Bonds of counties or municipalities of any state; (d) With the approval of the Administrator, first mortgages or first trust deeds on

improved real estate; (e) Deposits in any bank, credit union, savings and loan association or savings bank

that is federally insured or insured by a private insurer approved pursuant to NRS 672.755 ; or (f) With the written approval of the Administrator, any investment which would be

proper under the provisions of NRS 164.700 to 164.775 , inclusive. Pending investment as provided in this subsection, such money may be deposited in

an account in any savings bank, credit union or savings and loan association which

is qualified to do business in this state and which is federally insured or insured

by a private insurer approved pursuant to NRS 672.755 . 3. Each cemetery authority shall annually submit to the Administrator, on a form prescribed

and adopted by the Administrator, a financial statement of the condition of its trust

fund for the endowment care of the cemetery. The statement must be accompanied by a fee of $10. If the statement is not received by the Administrator, he or she may, after giving

10 days' notice, revoke the cemetery authority's certificate of authority.