CHAPTER 7. MEMORIAL CORPORATIONS
IC 10-18-7
Chapter 7. Memorial Corporations
IC 10-18-7-1
Purposes
Sec. 1. At least six (6) residents of Indiana may voluntarily
associate themselves into a memorial corporation for the following
purposes:
(1) To perpetuate the memory of soldiers and sailors.
(2) To hold meetings and conduct ceremonies.
(3) To decorate, beautify, maintain, protect, improve, enlarge,
and enhance the conveniences of graves, cemeteries, and places
for keeping the bodies of deceased persons.
As added by P.L.2-2003, SEC.9.
IC 10-18-7-2
Powers
Sec. 2. A memorial corporation established under this chapter has
the following powers:
(1) To hold meetings, conduct ceremonies, and decorate graves
and burial places.
(2) To erect and pay the expenses for monuments and
memorials.
(3) To receive and hold donations, gifts, devises and bequests,
and funds produced by taxation and real and personal property.
(4) To purchase, hold, lease, mortgage, hypothecate, and sell
real estate and personal property.
(5) To take real or personal property by will.
(6) To take or hold real or personal property in trust and
manage the property as set forth in the instrument creating the
trust, in a manner that is not inconsistent with the uses provided
in this chapter.
(7) To invest the funds belonging to the corporation and loan
and invest the money owned or held by the corporation.
(8) To sue and be sued in all matters necessary to carry out the
provisions of this chapter.
As added by P.L.2-2003, SEC.9.
IC 10-18-7-3
Officers; treasurer's bond; election of officers; corporation's books
Sec. 3. (a) The officers of a memorial corporation must include
the following:
(1) President.
(2) Vice president.
(3) Secretary.
(4) Treasurer.
(5) Three (3) trustees.
(b) All officers serve without pay except the secretary, whose
compensation shall be fixed by a majority of the trustees.
(c) The offices of secretary and treasurer may be held by the same
person.
(d) The term of each officer is for one (1) year and until the
officer's successor is elected and qualified.
(e) The treasurer shall give bond in a sum double the amount of
all money and securities that may come into the possession of the
treasurer. The amount of the bond must be approved by the trustees.
(f) Each officer must be elected by a majority vote cast by the
owners of the stock. A vote may not be cast by proxy or by an agent
of the owner. Elections shall be held at 2 p.m. on the first Tuesday of
April of each year at the office of the secretary. However, an election
may be held at another convenient place if the election is designated
in a notice signed by not less than two (2) trustees and published at
least one (1) week before the election in the weekly newspaper
printed and published nearest to the place of the election.
(g) A special election may be held for all vacant offices if a notice
is signed by all the trustees and the notice is published at least one
(1) week before the election in a weekly newspaper printed and
published nearest to the place of the election. The notice must
specify the time and place of the election and all the officer
vacancies that can be filled.
(h) The books of the memorial corporation shall be kept at the
office of the secretary.
As added by P.L.2-2003, SEC.9.
IC 10-18-7-4
Use of property
Sec. 4. All property owned or held by the memorial corporation
constitutes a permanent fund to be owned, held, used, and operated
solely for the purposes set forth in sections 1 and 2 of this chapter
and not for the gain or for the personal benefit of any person,
corporation, or association.
As added by P.L.2-2003, SEC.9.
IC 10-18-7-5
Authority to hold and manage funds in trust; trusts created by will
Sec. 5. (a) A memorial corporation organized under this chapter
may hold and manage funds, money, or property in trust for any
person or for any purpose expressed in the terms of the trust.
However, the trust must be for some of the purposes or objects set
forth in sections 1 and 2 of this chapter.
(b) A person competent to make a will may create a trust under
this section.
As added by P.L.2-2003, SEC.9.
IC 10-18-7-6
Nonsectarian and nondiscriminatory requirements
Sec. 6. The money, property, or income owned or held by a
memorial corporation organized under this chapter may not be
owned, held, or used to promote the interest or teachings of a specific
church, sect, school, or creed. However, the memorial corporation
may not discriminate against an individual or organization because
of religious beliefs.
As added by P.L.2-2003, SEC.9.
IC 10-18-7-7
Issuing stock; stock transfer; canceled stock
Sec. 7. (a) The stock of a memorial corporation consists of one (1)
share for each five dollars ($5) of the permanent fund belonging to
the corporation. The secretary of the memorial corporation shall
issue to any person paying money into, or in any manner augmenting,
the permanent fund of the corporation a certificate of stock for each
five dollars ($5) in money or property in value. Each stock certificate
must be signed by the president and attested by the secretary.
(b) Every share of stock that is issued is entitled to one (1) vote in
the election of officers. However, the vote must be cast by the owner
of the stock in person and not by an agent or a proxy.
(c) Stock in a memorial corporation may be assigned by the owner
or transferred by will. If the owner of any share of the stock dies
without having disposed of the stock by a will, the stock held by the
deceased owner is canceled. Canceled stock is referred to as "dead
stock", and all other stock is referred to as "active stock", and only
the owners of active stock may participate in election of officers of
the memorial corporation.
As added by P.L.2-2003, SEC.9.
IC 10-18-7-8
Board of trustees' duties
Sec. 8. The board of trustees of a memorial corporation shall do
the following:
(1) Conduct the prudential affairs of the memorial corporation.
(2) Vote on the loans, investments, purchases, sales, and the
policy and manner of conducting the affairs of the corporation.
(3) Keep all the money loaned, invested, or in some manner
active and bring into the treasury funds to carry out the spirit
and letter of this chapter.
As added by P.L.2-2003, SEC.9.
IC 10-18-7-9
Perpetual existence; stock and property not taxable
Sec. 9. (a) The existence of a memorial corporation organized
under this chapter is perpetual.
(b) The permanent fund of a memorial corporation is perpetual
and may not be reduced for any purpose. The income from the
investment of a memorial corporation's permanent fund may be used
only for purposes allowed in this chapter.
(c) The stock and property of a memorial corporation is
nontaxable.
As added by P.L.2-2003, SEC.9.
IC 10-18-7-10
Bylaws
Sec. 10. The officers and trustees of a memorial corporation may
adopt bylaws for the guidance and conduct of the memorial
corporation's affairs as the officers and trustees consider proper.
However, the bylaws may not conflict with this chapter.
As added by P.L.2-2003, SEC.9.
IC 10-18-7-11
Articles of incorporation
Sec. 11. If at least six (6) persons desire to create a memorial
corporation under this chapter, each person shall pay to the
permanent fund of the corporation at least five dollars ($5) and sign
articles of incorporation that contain the name of the corporation, the
place where the corporation's business will be conducted, and the
names of the individuals who will be the initial officers until the first
regular election after the organization of the memorial corporation.
The articles of incorporation may be in substance as follows:
"We, the undersigned, residents of the state of Indiana, hereby
associate ourselves together for the purpose of forming a
memorial corporation under the provisions of IC 10-18-7. We
have each paid in the sum of five dollars ($5) (or the sum
agreed upon). The business of the corporation shall be
conducted at the town (or city) of __________ in the county of
_______ and state of Indiana, and the officers to hold and to
conduct the affairs of the corporation until the next regular
election, as provided by IC 10-18-7, shall be: _______,
president; _______, vice president; _______, secretary;
__________, treasurer; and __________, ________, and
_______, trustees (filling all blanks to suit the application). The
name of the corporation shall be The _______ Memorial
Association of _______, Indiana.
In witness whereof, we hereunto subscribe our names this
_______ day of _______ (month) in _______ (year).
Names
Names"
As added by P.L.2-2003, SEC.9.
IC 10-18-7-12
Filing articles of incorporation
Sec. 12. If:
(1) section 11 of this chapter is fully complied with;
(2) the articles provided for in section 11 of this chapter are
signed; and
(3) the money is paid to the treasurer;
the articles of incorporation shall be filed with the secretary of state,
along with a fee of one dollar ($1). The secretary of state shall record
the articles in the secretary of state's office and return to the secretary
of the corporation a certified copy of the articles. The certificate
must contain the date of the filing. The memorial corporation is
considered to be in full force and existence from the time the articles
of incorporation are filed.
As added by P.L.2-2003, SEC.9.