16-331. Same; refusal to establish trust fund; forfeiture of corporate franchise.
16-331
16-331. Same; refusal to establish trust fund; forfeiture of corporate franchise. Any cemetery corporation which refuses or neglects to establish or maintain a cemetery merchandise trust fund in accordance with the requirements of this act for a period of 90 days after demand to do so is made upon it by the secretary of state shall be deemed to have forfeited its corporate franchise. The attorney general, upon the request of the secretary of state, shall then begin an action for the appointment of a receiver for such cemetery corporation and to dissolve the same.
History: L. 1982, ch. 96, § 12; Jan. 1, 1983.