Md. Code, Business Regulation § 5-605
This is the official text of Md. Code, Business Regulation § 5-605, part of Maryland’s Code, Business Regulation — governs general business licensing and regulation.
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§5–605.
Official statutory text
(a) The terms of a trust to provide for perpetual care shall be designated in a written agreement between the registered cemeterian, permit holder, or any other person subject to the trust requirements of this subtitle and trustee.
(b) The terms of the trust agreement:
(1) shall conform to this subtitle; and
(2) may include provisions about:
(i) payment of income;
(ii) accumulation of income;
(iii) reinvestment of income;
(iv) administration of the trust fund; and
(v) powers of the trustee as to investments.
(c) (1) A trust agreement shall be irrevocable.
(2) However, a trust agreement may:
(i) give the registered cemeterian, permit holder, or other person subject to the trust requirements of this subtitle the right to remove the trustee and appoint another qualified trustee; and
(ii) provide for the appointment of individuals as cotrustees and successor cotrustees with a corporate trustee.
(b) The terms of the trust agreement:
(1) shall conform to this subtitle; and
(2) may include provisions about:
(i) payment of income;
(ii) accumulation of income;
(iii) reinvestment of income;
(iv) administration of the trust fund; and
(v) powers of the trustee as to investments.
(c) (1) A trust agreement shall be irrevocable.
(2) However, a trust agreement may:
(i) give the registered cemeterian, permit holder, or other person subject to the trust requirements of this subtitle the right to remove the trustee and appoint another qualified trustee; and
(ii) provide for the appointment of individuals as cotrustees and successor cotrustees with a corporate trustee.
Status: in_force · Read it on the official government site
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