Texas § HS.712.065 - RELEASE OF TRUST FUNDS TO CORPORATION

§ HS.712.065. RELEASE OF TRUST FUNDS TO CORPORATION

RELEASE OF TRUST FUNDS TO CORPORATION. (a) On completion of construction of a mausoleum or mausoleum section subject to this subchapter, the corporation may withdraw all money deposited in the preconstruction trust and the net income earned on the money after submitting to the preconstruction trustee a sworn affidavit of completion executed by an officer or agent of the corporation on a form prescribed by the department. (b) During construction of the mausoleum or mausoleum section containing the undeveloped mausoleum spaces, the corporation may periodically withdraw from the preconstruction trust an amount equal to the previously unreimbursed cost of performed labor or delivered materials after submitting to the preconstruction trustee a sworn affidavit of expenditures for construction cost executed by an officer or agent of the corporation on a form prescribed by the department. (c) If the corporation delivers a completed mausoleum space acceptable to the buyer in lieu of the undeveloped mausoleum space purchased, the corporation may withdraw all money deposited to the preconstruction trust for that buyer and related income earned on the money after submitting to the preconstruction trustee a sworn affidavit of performance executed by an officer or agent of the corporation on a form prescribed by the department. (d) The corporation shall maintain copies of the affidavits required by this section for examination by the department. Added by Acts 2005, 79th Leg., Ch. 345 (S.B. 1173 ), Sec. 4, eff. September 1, 2005. Added by Acts 2005, 79th Leg., Ch. 1290 (H.B. 2581 ), Sec. 4, eff. September 1, 2005.