North Carolina General Statutes 65-59. Application for a change of control; filing fee
Terms Used In North Carolina General Statutes 65-59
- Cemetery: means any one or a combination of more than one of the following in a place used or to be used and dedicated or designated for cemetery purposes:
- Cemetery company: means any legal entity that owns or controls cemetery lands or property and conducts the business of a cemetery, including all cemeteries owned and operated by governmental agencies, churches and fraternal organizations or their corporate agents for the duration of any sales and management contracts entered into with cemetery sales organizations or cemetery management organizations for cemetery purposes, or with any other legal entity other than direct employees of said governmental agency, church or fraternal organization. See North Carolina General Statutes 65-48
- Commission: means the North Carolina Cemetery Commission. See North Carolina General Statutes 65-48
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Person: means an individual, corporation, partnership, joint venture, or association. See North Carolina General Statutes 65-48
- property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
A person who proposes to acquire control of an existing cemetery company, whether by purchasing the capital stock of the company, purchasing an owner’s interest in the company, or otherwise acting to effectively change the control of the company, shall first make application on a form supplied by the Commission for a certificate of approval of the proposed change of control. The application shall contain the name and address of each proposed new owner. The Commission shall issue a certificate of approval only after it determines that the proposed new owners are qualified by character, experience, and financial responsibility to control and operate the cemetery company in a legal and proper manner, and that the interest of the public generally will not be jeopardized by the proposed change in control. An application for approval of a change of control must be completed and accompanied by a filing fee to be set by the Commission in an amount not to exceed one thousand six hundred dollars ($1,600). The Commission shall not approve any change of control until the applicant has provided sufficient evidence that any trust account required under N.C. Gen. Stat. § 65-66(b) and N.C. Gen. Stat. § 65-70(b) is maintained and funded in the required amount. If the cemetery company posted a performance bond in lieu of any trust account required under N.C. Gen. Stat. § 65-66(b) and N.C. Gen. Stat. § 65-70(b), then the Commission shall not approve any change of control until the applicant has provided sufficient evidence that the performance bond is being appropriately maintained and in an amount sufficient to cover all payments made directly or indirectly by or on account of purchasers who have not received the purchased property and services. (1975, c. 768, s. 1; 1987, c. 488, s. 4; 1991, c. 653, s. 4; 2004-202, s. 5; 2010-102, s. 1.)