To protect bonds or other securities held by a cemetery board, the cemetery board shall place them in a safety deposit box in the vault of a reliable financial institution located in the municipality. One (1) key to the box shall be retained by each of the following:

1. (1) A member of the cemetery board who is designated by the cemetery board.
2. (2) The controller or clerk-treasurer of the municipality.
3. (3) The financial institution.

As added by P.L.52-1997, SEC.39.