Texas Health and Safety Code 712.004 – Perpetual Care Trust Fund Required
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(a) Before obtaining a corporate charter, the incorporators of a corporation chartered on or after September 3, 1945, and before September 1, 1993, must establish a fund by permanently depositing in cash with the trustee of the fund:
(1) $15,000, if the corporation has capital stock of $15,000;
(2) $30,000, if the corporation has capital stock of $30,000; or
(3) $50,000, if the corporation has capital stock of $50,000 or more.
(b) Before obtaining a corporate charter, the incorporators of a corporation chartered on or after September 1, 1993, must establish a fund by permanently depositing in cash with the trustee of the fund an amount of not less than $50,000 for each perpetual care cemetery operated in this state.
Terms Used In Texas Health and Safety Code 712.004
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Trustee: A person or institution holding and administering property in trust.
(c) The fund shall be permanently set aside and deposited in trust with the trustee in accordance with Subchapter B.