1.  A cemetery authority may appoint a board of trustees of not less than three in number as trustees of its trust fund for the endowment care of the cemetery. The members of the board of trustees hold office subject to the direction of the cemetery authority.

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2.  The directors of a cemetery authority, if any, may be the trustees of its trust fund. When the fund is in the care of the directors as a board of trustees, the secretary of the cemetery authority shall act as its secretary and keep a true record of all of its proceedings.

3.  No sum in excess of 5 percent of the income derived from the fund in any year may be paid as compensation to the board of trustees for its services.

4.  In lieu of the appointment of a board of trustees of its trust fund for the endowment care of the cemetery, a cemetery authority may appoint as sole trustee of the fund any bank or trust company qualified pursuant to the laws of this state to engage in the trust business.