1. (a) The terms of a trust to provide for perpetual care shall be designated in a written agreement between the registered cemeterian, permit holder, or any other person subject to the trust requirements of this subtitle and trustee.

2. (b) The terms of the trust agreement:

   1. (1) shall conform to this subtitle; and

   2. (2) may include provisions about:

      1. (i) payment of income;
      2. (ii) accumulation of income;
      3. (iii) reinvestment of income;
      4. (iv) administration of the trust fund; and
      5. (v) powers of the trustee as to investments.

3. (c)

   1. (1) A trust agreement shall be irrevocable.

   2. (2) However, a trust agreement may:

      1. (i) give the registered cemeterian, permit holder, or other person subject to the trust requirements of this subtitle the right to remove the trustee and appoint another qualified trustee; and
      2. (ii) provide for the appointment of individuals as cotrustees and successor cotrustees with a corporate trustee.

Added as Business Regulation § 5-305 by Acts 1992, c. 4, § 2. Renumbered as Business Regulation § 5-604 by Acts 1997, c. 675, § 1, eff. July 1, 1997; Acts 1997, c. 675, § 2, eff. Oct. 1, 1997. Amended by Acts 2006, c. 348, § 1, eff. Oct. 1, 2006. Renumbered as Business Regulation § 5-605 by Acts 2007, c. 348, § 2, eff. July 1, 2007. Amended by Acts 2007, c. 348, § 2, eff. July 1, 2007.

Formerly Art. 23, § 165A.