21 N.C. Admin. Code 7D.0108

Current through Register Vol. 39, No. 11, December 2, 2024

Section 07D .0108 - WITHDRAWALS FROM PERPETUAL CARE TRUST FUNDS

(a) For purposes of this Rule, the following definitions shall apply:

(1) "corpus amount" means the sum of:

(A) the amount of all deposits made to a trust fund at the inception of the trust fund; and

(B) the aggregate amount of all deposits made to the trust fund after the inception of the trust fund.

(2) "deposits" means the deposits to trust funds required by G.S. 65-64.

(3) "income" means interest income, dividend income, or any amount of capital gain income to the extent allowed to be withdrawn by the Commission pursuant to this Rule.

(4) "total market value" means the total market value of the assets in the trust fund, as reflected in the records of the trustee.

(5) "trust fund" means a care and maintenance trust fund required by G.S. 65-61 or perpetual care trust fund required by G.S. 65-63.

(b) Without the prior written approval of the Commission pursuant to G.S. 65-61, no amounts from a trust fund may be withdrawn from the trust fund if either:

(1) at the time of the withdrawal, the total market value of the trust fund is less than the corpus amount; or

(2) immediately after the withdrawal is made, the total market value of the trust fund would be less than the corpus amount.

21 N.C. Admin. Code 07D .0108

Authority G.S. 65-49; 65-61;
Eff. April 1, 2020.

Adopted by North Carolina Register Volume 34, Issue 21, May 1, 2020 effective 4/1/2020.