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| Public Act 098-0753 | ||||
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AN ACT concerning civil law.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 1. Findings. The General Assembly finds: | ||||
(1) "An Act to create the Rosehill Cemetery Company", | ||||
approved February 11, 1859 (hereinafter "the 1859 Act"), | ||||
created the Rosehill Cemetery Company and constituted its | ||||
charter. The 1859 Act appears on pages 29 through 33 of the | ||||
"Private Laws" portion of the volume "Laws of the State of | ||||
Illinois, Passed by the Twenty-first General Assembly, | ||||
Convened January 3, 1859". (The pages of that volume are not | ||||
numbered in a single sequence. The portions labeled "Public | ||||
Laws" and "Private Laws" have separate page numbering.) | ||||
(2) "An Act to amend "An act to create the Rosehill | ||||
Cemetery Company," approved February 11, 1859", approved | ||||
February 13, 1863 (hereinafter "the 1863 Act"), amended the | ||||
charter of the Rosehill Cemetery Company as set forth in the | ||||
1859 Act. The 1863 Act appears on pages 174 through 177 of the | ||||
volume "Private Laws of the State of Illinois, Passed by the | ||||
Twenty-third General Assembly, Convened January 5, 1863". | ||||
Among other things, the 1863 Act: required 10% of the proceeds | ||||
received from the sale of lots by the Rosehill Cemetery Company | ||||
to be reserved and set apart until the sum reserved and set | ||||
apart amounted to $100,000; required that sum to be kept as a | ||||
fund (hereinafter "the reserve fund") for the preservation, | ||
maintenance, and ornamentation of the cemetery; created the | ||
Board of Trustees of the Rosehill Cemetery; required the | ||
Rosehill Cemetery Company to pay the amounts reserved and set | ||
apart to the Board of Trustees of the Rosehill Cemetery; | ||
imposed various requirements upon the investment of funds by | ||
the Board of Trustees of the Rosehill Cemetery; and imposed | ||
various requirements regarding the composition and selection | ||
of the Board of Trustees of the Rosehill Cemetery. | ||
(3) On September 15, 1983, a decree was entered by the | ||
Circuit Court of Cook County in Rosehill Cemetery Company et | ||
al. v. Chicago Title and Trust Company et al., No. 83 CH 339, | ||
which dealt with various matters involving the successor to the | ||
Rosehill Cemetery Company as well as 4 funds dedicated to the | ||
care and upkeep of the Rosehill Cemetery, including the reserve | ||
fund. Regarding the reserve fund, the Court found: | ||
"4. On July 6, 1894, a decree was entered by the | ||
Circuit Court of Cook County in Case No. 120206, Lunt and | ||
Farwell vs. The Rosehill Cemetery Company et. al., which | ||
found that the Reserve Fund had reached $100,000, and | ||
ordered that it be administered by lot owner trustees | ||
pursuant to the Amendment to Charter, with The Northern | ||
Trust Company of Chicago, Illinois acting as custodian of | ||
the securities in which said Reserve Fund is invested." | ||
Regarding the reserve fund, the Court ordered: | ||
"5. That, upon the purchase of the assets of Rosehill | ||
Cemetery Company, the dissolution of Rosehill Cemetery | ||
Company, and the commencement of the operation of Rosehill | ||
Cemetery in perpetuity by Rosehill Memorial, Inc., the | ||
Reserve Fund and the trustees thereof shall continue to | ||
operate in the manner provided, since 1863, by Section 7 of | ||
the Charter of Rosehill Cemetery Company as amended by the | ||
Special Act approved February 13, 1863 and pursuant to the | ||
provisions of the first paragraph of Paragraph Second of | ||
the decree entered on July 6, 1894 by the Circuit Court of | ||
Cook County in Case No. 120206, Lunt and Farwell vs. The | ||
Rosehill Cemetery Company et. al., and said trustees shall | ||
continue to expend the income therefrom with the advice of | ||
Rosehill Memorial, Inc." | ||
(4) The Board of Trustees of the Rosehill Cemetery have | ||
administered the reserve fund in accordance with the 1863 Act. | ||
The 1863 Act must be amended to enable the Board of Trustees of | ||
the Rosehill Cemetery to manage the reserve fund according to | ||
modern investment principles and to ensure the continued | ||
operation of the reserve fund. | ||
Section 5. "An Act to amend "An act to create the Rosehill | ||
Cemetery Company," approved February 11, 1859", approved | ||
February 13, 1863, is amended by adding Sections 14.1 and 14.2 | ||
as follows: | ||
(Private Laws 1863, p. 174-177, Sec. 14.1 new) | ||
Sec. 14.1. Notwithstanding any other provision of law, as | ||
an alternative to the investment provisions of Sections 3 | ||
through 7 of this Act, the Board of Trustees of the Rosehill | ||
Cemetery may invest assets of the fund created under Section 2 | ||
of this Act in accordance with Section 5 of the Trusts and | ||
Trustees Act or any successor provision. | ||
(Private Laws 1863, p. 174-177, Sec. 14.2 new) | ||
Sec. 14.2. Notwithstanding any other provision of law, as | ||
an alternative to the provisions of Sections 3 and 10 of this | ||
Act concerning the number of trustees and the manner of | ||
electing trustees, the Board of Trustees of the Rosehill | ||
Cemetery may adopt bylaws establishing procedures for the | ||
governance of the Board, including, but not limited to, the | ||
number of trustees and the manner of electing trustees.
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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