AN ACT RELATIVE TO THE PUBLIC DISCLOSURE OF OWNERSHIP OF A CEMETERY CORPORATION.
Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
Section 1A of chapter 114 of the General Laws, as
appearing in the 2002 Official Edition, is hereby amended by adding the
Nothing in this section shall affect or modify the liability of any person
subject to this section for financial misconduct or fraud in the use of the
assets of the corporation.
Said chapter 114
is hereby further amended by inserting after section 2
the following section:-
Section 2A. A cemetery corporation organized under this chapter or created
special act or charter shall disclose to its clients whether an
owner, director or trustee of the cemetery corporation owns 10 per cent or
more of a business that sells products or services to the cemetery
corporation of which he is owner, director or trustee. The information shall
be available for review by the public during the business hours of the
cemetery at the cemetery's place of business. Whoever violates this section
be punished by a fine of $50 for each day of the violation.
Said chapter 114 is hereby further amended by inserting
section 5B the following section:-
Section 5C. The corporation and its officers shall owe a fiduciary duty to
a contributor to the trust fund, his heirs and legal representatives to hold
and expend the funds strictly consistent with the purposes of section 5. A
contributor to the trust fund, his heirs and legal representatives who were
required to invest in the trust fund as a condition of purchasing a right of
burial shall have all rights and protections of chapter 110A.