NC H759

Adds definitions for "net income" (cash income after trust administration expenses) and "perpetual care trust fund" (trust fund providing for perpetual cemetery care and maintenance).

Allows cemetery companies to establish perpetual care trust fund agreements with trustees meeting specified requirements or with the State Treasurer as trustee.

Requires trustees to invest funds according to G.S. 32-71, pay net income to cemetery companies quarterly with accounting statements, and add appreciation and gains to the fund corpus while charging losses against it.

Mandates trustees file a suretyship bond with the Cemetery Commission at 125% of fund value (if $100,000 or less) or 110% (if exceeding $100,000), with exemptions for licensed banks, trust companies, and the State Treasurer.

Prohibits parties from varying the agreement requirements without written consent from the Cemetery Commission or State Treasurer; applies to agreements entered into, renewed, or modified after the bill's effective date.