RULE 024.00.77-001 - Amended Rules and Regulations

RULE 024.00.77-001. Amended Rules and Regulations

CHANGES IN RULES AND REGULATIONS OF THE ARKANSAS BURIAL ASSOCIATION BOARD ADOPTED OCTOBER 26, 1977

#3. Mortuary Fund.

(A) At least eighty (80%) of the receipts of each Association must be allocated to the Mortuary Fund, and, when so allocated can be used for no purpose other than to meet its losses. The Associations may invest any portion of such eighty percent (80%) of the collections not needed for the immediate payment of benefits, or not needed for the reasonably anticipated payment of benefits as authorized by Act 91 of 1953 as amended by Act 861 of 1977. (B) At least eighty percent (80%) of all interest derived from investments of Burial Association funds must be allocated to the Mortuary Fund, and cannot be used for the payment of operating expenses.

#32. Deposits of Membership Dues - Shortages and Overdrawals.

(A) All Assessments, membership dues and/or other funds collected by any burial association must be deposited by the Secretary-Treasurer of the Association within five (5) business days from the date collected and/or received by the Association. All collections must be deposited into the burial association's Mortuary Fund for payment of membership benefits or invested as authorized by Act 91 of 1953 as amended by Act 861 of 1977, Ark. Stat. Ann. |66-1814 (A), provided however that each Burial Association operating in this State is authorized to keep $300 cash on hand, said funds are hereby specifically exempted from the aforementioned requirement.

(B) All accounts, records and books reflecting the financial status of all burial associations shall be open to inspection by the Auditor and employees of the Arkansas Burial Association Board. Anytime a shortage is found in a burial association by the auditors, it shall be considered prima facie violation of the Burial Association Act (Ark. Stat. Ann. ยง 66-1801, et. seq) and the Board may immediately take steps to remove the Secretary-Treasurer and/or revoke or suspend the Certificate of Authority granted under said Act.

(C) In addition, the Board may immediately call upon the Secretary-Treasurer's bond.

#35. Board Meeting. The Board shall meet on the 4th Wednesday of each month at 2:00 p.m. in the Arkansas Burial Association Board Office.

(11/2/1977)

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