Bill Text: TX HB2950 | 2019-2020 | 86th Legislature | Enrolled
Bill Title: Relating to perpetual care trust funds and a master trust account.
Spectrum: Bipartisan Bill
Status: (Passed) 2019-06-10 - Effective on 9/1/19 [HB2950 Detail]
Download: Texas-2019-HB2950-Enrolled.html
H.B. No. 2950 |
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relating to perpetual care trust funds and a master trust account. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 712.021(g), Health and Safety Code, as | ||
amended by Chapters 71 (S.B. 1402) and 1051 (H.B. 1948), Acts of the | ||
85th Legislature, Regular Session, 2017, is reenacted to read as | ||
follows: | ||
(g) In this subsection, "master trust account" means an | ||
account containing the perpetual care trust funds of two or more | ||
certificate holders for the purpose of collective investment and | ||
administration. The trustors of two or more perpetual care trust | ||
funds may establish a master trust account in which deposits | ||
required by this chapter are made, provided that separate records | ||
of principal and income are maintained for each perpetual care | ||
cemetery for the benefit of which the master trust account is | ||
established, and further provided that the income attributable to | ||
each perpetual care cemetery is used only for the perpetual care of | ||
that cemetery. | ||
SECTION 2. This Act takes effect September 1, 2019. | ||
______________________________ | ______________________________ | |
President of the Senate | Speaker of the House | |
I certify that H.B. No. 2950 was passed by the House on April | ||
26, 2019, by the following vote: Yeas 139, Nays 0, 2 present, not | ||
voting. | ||
______________________________ | ||
Chief Clerk of the House | ||
I certify that H.B. No. 2950 was passed by the Senate on May | ||
21, 2019, by the following vote: Yeas 31, Nays 0. | ||
______________________________ | ||
Secretary of the Senate | ||
APPROVED: _____________________ | ||
Date | ||
_____________________ | ||
Governor |