(a)

1. (1) If a permanent maintenance fund is overseen by three (3) trustees, then the minutes of the trustee meetings must be maintained by the cemetery company.
2. (2) The minutes must be signed by all three (3) trustees, reflect the authorization of all purchases and sales of investments, and reflect the authorization of all disbursements of income.
3. (3) If the trust agreement provides that only one (1) trustee shall have sole disbursement authority, then minutes must be prepared by that one (1) trustee and submitted to the remaining trustees for ratification at least twice a year.

(b)

1. (1) A fidelity bond is required of any trustee who makes disbursements from the trust fund.
2. (2) The bond shall be deposited with the State Board of Embalmers, Funeral Directors, Cemeteries, and Burial Services and shall indemnify the permanent maintenance fund against loss of money or property, which the fund shall sustain through fraudulent or dishonest acts committed by trustees having disbursement authority.
3. (3) The fidelity bond shall remain in full force and effect from the effective date of the bond, until it is terminated or modified by the corporate surety thereon, and such fidelity bond shall provide that thirty (30) calendar days’ notice must be given to the board by the corporate surety prior to the effective date of termination.
4. (4) Any modification to the fidelity bond must likewise be filed with the board.