The persons filing a petition under section 2 of this chapter must:

1. (1) state in the petition that the corporation would have at the time of taking over the cemetery an endowment or perpetual care fund of at least one thousand dollars ($1,000);
2. (2) agree to increase the balance in the fund to an amount sufficient to produce enough interest to keep the cemetery in proper condition; and

3. (3) agree to:

   1. (A) keep the cemetery in good order; and
   2. (B) honestly and faithfully manage the cemetery.

As added by P.L.52-1997, SEC.37.