Tex.
Health & Safety Code Section 712.003
Registration Required; Minimum Capital
(a)
A perpetual care cemetery may not be operated in this state unless a certificate of formation for a domestic filing entity or registration to transact business for a foreign filing entity is filed with the secretary of state showing:(1)
subscriptions and payments in cash for 100 percent of the entity’s ownership or membership interests;(2)
the location of its perpetual care cemetery; and(3)
a certificate showing the deposit in its fund of the minimum amount required under Section 712.004 (Perpetual Care Trust Fund Required).(b)
A corporation chartered on or after September 5, 1955, and before September 1, 1993, must have a minimum capital of:(1)
$15,000, if the cemetery serves a municipality with a population of less than 15,000;(2)
$30,000, if the cemetery serves a municipality with a population of 15,000 to 25,000; or(3)
$50,000, if the cemetery serves a municipality with a population of at least 25,000.(c)
A corporation chartered on or after September 1, 1993, and before September 1, 2013, must have:(1)
a minimum capital of $75,000; and(2)
a minimum of $75,000 in capital for each certificate of authority to operate a perpetual care cemetery issued to the corporation on or after September 1, 2013.(c-1)
A corporation whose certificate of formation takes effect on or after September 1, 2013, must have a minimum of $75,000 in capital for each certificate of authority to operate a perpetual care cemetery issued to the corporation.(d)
A nonprofit association or corporation operated solely for the benefit of plot owners seeking to convert a cemetery to a perpetual care cemetery under this chapter is not required to meet the requirements prescribed by this section and Section 712.004 (Perpetual Care Trust Fund Required) if the cemetery has existed for at least 75 years and the association or corporation has operated the cemetery for the preceding 10 years.
Source:
Section 712.003 — Registration Required; Minimum Capital, https://statutes.capitol.texas.gov/Docs/HS/htm/HS.712.htm#712.003 (accessed Apr. 29, 2024).
