Section 750-R. Endowment care or similar trust funds

1. A pet cemetery
  which commenced operations prior to the effective date of  this  article
  shall  establish an endowment care or similar trust fund, the balance of
  which shall not be less then twelve thousand dollars, by January  first,
  nineteen  hundred ninety-five. The secretary of state may grant a waiver
  to the provisions of this subdivision if an endowment  care  or  similar
  trust  fund is established and twelve thousand dollars is placed in such
  fund within a reasonable amount of time not to exceed ten years from the
  effective date of this article and the provisions of this  section  will
  present  a  significant  financial hardship to the pet cemetery owner or
  operator.
    2. A pet cemetery which commences operations on or after the effective
  date of this article, shall, prior to the acceptance of  any  moneys  as
  annual  maintenance  fees,  establish an endowment care or similar trust
  fund for the permanent operation and maintenance of the pet cemetery, in
  an amount of not less than twelve thousand dollars.
    3. The fiduciary holding such endowment care  or  similar  trust  fund
  shall have such power to invest such fund as set forth in section 11-2.2
  of  the  estates,  powers  and trusts law. The interest earnings of such
  trust fund shall be used exclusively for the operation  and  maintenance
  of  such  pet cemetery. Any distribution of principal of such option and
  trust fund shall only be upon order of the supreme court of  the  county
  where  the  pet  cemetery is located, for good cause and exclusively for
  the operation and benefit of such pet cemetery. Unless such distribution
  of principal shall be as part of a removal of dedication  for  such  pet
  cemetery,  such order shall additionally make adequate provision for the
  permanent maintenance of the pet cemetery.
    4. A pet cemetery, owned and operated by a not-for-profit  corporation
  that  has  in  excess  of  one  million dollars in its endowment care or
  similar trust fund, may use any surplus income in such trust fund  above
  and  beyond  its costs for pet cemetery operation and maintenance in any
  manner allowed by the not-for-profit corporation's charter  or  by-laws,
  provided that the use of such surplus does not endanger the integrity of
  such trust fund.
    5.  A pet cemetery, owned and operated by a not-for-profit corporation
  that is a humane society may be granted a waiver of  the  provisions  of
  this  section by the secretary of state if the secretary determines that
  the interests of the pet owners will be  adequately  protected  and  the
  provisions  of  this section present a significant financial hardship to
  the pet cemetery owner.
    6. Such trust funds are not invalid by reason of any indefiniteness or
  uncertainty of the persons designated as beneficiaries, nor  shall  they
  be invalid as violating any existing rule against perpetuities.