(a) The Perpetual Care Fund shall be administered by three trustees, one of whom shall be appointed by Council from its own membership, one by the Commission from its own membership, and the third shall be appointed by Council upon the recommendation of the Commission, and shall be a cemetery-lot owner who is neither a member of the Commission nor a member of Council. Vacancies shall be filled in like manner. Each trustee shall be appointed for a period of two years or until his successor is appointed. No person shall be eligible for appointment as such trustee except a resident of Fayette County, West Virginia. Such trustees shall be persons of sound business judgment and discretion with experience in financial and investment matters. They shall accept the trust in writing and, upon acceptance, they shall be bound by all of the terms and provisions of West Virginia Code Article 35-5 and subject to all the duties and requirements thereof. Such trustees shall draw no compensation except as authorized by Council.
(b) They shall invest the Perpetual Care Funds in conservative, solvent investments, but no investment shall be made until it shall have been approved by the Commission, at least three members of the Commission voting in favor thereof at a meeting regularly called and held, and such approval shall be made a matter of record by the Commission. The trustees with like approval shall have the power to sell, exchange, liquidate and reinvest the assets under their control. The trustees shall be required, before they receive any part of the fund, to give bond with approved security before Council, each in an amount to be fixed by the Commission, conditioned upon the faithful discharge of their duties and to account for and pay over in the manner provided by law all money coming into their hands as such trustees, and if any expense is incurred in the giving of a surety bond the same shall be approved and paid by the Commission out of its general funds. Such bond may be increased or diminished from time to time, but shall be at least equal to the amount of the fund at any time in the hands of such trustees. The trustees shall keep all the fund and the income and profits therefrom in a separate account or accounts in some reputable bank or trust company designated by Council for such purpose.
(1973 Code §12-11; 2-5-09)