(A) The Cemetery Board of Managers are authorized and empowered to receive in trust, (in addition to the gifts, devises and bequests authorized to be received by 60 ILCS 130/1 to 130/3) the U.S. Government bonds, Series G ($21,000) and Series K ($104,000), being a total of $125,000 in bonds in the Future Care Fund of the city now held by the City Treasurer, and the City Treasurer is hereby authorized, empowered and directed to pay over and deliver to the Treasurer of the Cemetery Board of Managers of the city the said bonds and, upon obtaining a receipt therefor, shall be relieved from all responsibility with respect thereto.
(1960 Code, § 14-1-4)
(B) (1) The Cemetery Board of Managers is hereby authorized and empowered to accept any gift, grant, contribution, payment, devise or bequest, or pursuant to contract, any sum of money, funds, securities or property of any kind, or the income or avails thereof, and to hold the same in trust in perpetuity for the care of its cemetery, or for the care of any lot, grave, crypt or niche in its cemetery; or for the special care of any lot, grave, crypt or niche or of any family mausoleum of memorial, marker or monument in its cemetery. No gift, grant, devise, bequest, payment or other contribution shall be invalid by reason of any indefiniteness of uncertainty as to the beneficiary designated in the instrument creating the gift, grant, devise, bequest, payment or other contribution. If any gift, grant, devise, bequest, payment or other contribution consists of non-income producing property, the cemetery authority accepting it is authorized and empowered to sell such property and to invest the funds obtained in accordance with the provisions of division (B)(2) below.
(2) The care funds authorized by this section shall be held intact and, unless otherwise restricted by the terms of the gift, grant, devise, bequest, contribution, payment, contract or other authority, in acquiring, investing, reinvesting, exchanging, retaining, selling and managing property for any such trust, shall exercise the judgment and care under the circumstances then prevailing, which persons of prudence, discretion and intelligence exercise in the management of their own affairs, not in regard to speculation, but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital. Within the limitations of the foregoing standard, the cemetery authority or the trustee of the care funds of the cemetery authority is authorized to acquire and retain every kind of property, real, personal or mixed, and every kind of investment, including specifically, but without limiting the generality of the foregoing, bonds, debentures and other corporate obligations, stocks, preferred or common and real estate mortgages, which persons of prudence, discretion and intelligence acquire or retain for their own account. Within the limitation of the foregoing standard, such authority or trustee is authorized to retain property properly acquired without limitation as to time and without regard to its suitability for original purchase. The care funds authorized by this division (B) may be commingled with other trust funds received by such cemetery authority for the care of its cemetery or for the care or special care of any lot, grave, crypt, niche, private mausoleum, memorial, marker, or monument in its cemetery, whether received by gift, grant, devise, bequest, contribution, payment, contract or other conveyance heretofore or hereafter made to such cemetery authority.
(3) Such care funds may be invested with common trust funds as provided in the Common Trust Fund Act, 760 ILCS 45/1 et seq. The net income only from the investment of such care funds shall be allocated and used for the purposes specified in the transaction by which the principal was established in the proportion that each contribution bears to the entire sum invested.
(1960 Code, § 14-1-5)
Statutory reference:
Related provisions, see 65 ILCS 5/11-49-1 through 65 ILCS 5/11-52.2-1