EMERSON C. HARRINGTON, GOVERNOR. 789

by the insolvent laws of the State, but the estate of owner or
owners shall descend as real estate to their heirs, may be de-
vised by will, or may be disposed of by the owner by sale,
with the approval of the Board of Managers. The ownership
of any lot so sold and conveyed as aforesaid, shall in all re-
spects have the same effect as any conveyance from said cor-
poration would have if executed, acknowledged and recorded,
as conveyances of real estate by the laws of this State.

SEC. 4. And be it further enacted, That the said Board of
Managers shall keep books, in which shall be recorded the meet-
ings and proceedings of said Board of Managers and the plat
and plans of said grounds, and of the burial lots, walks, drives
and such other devices as they shall cause to be made, also an
account of the sales and transfers of lots and the names and
owners of the same, and all the by-laws, rules and regulations
of the said body, and the said books and proceedings therein
recorded shall be evidence thereof in any court or before any
justice of the peace in this State.

SEC. 5. And be it further enacted, That the said Board of
Managers shall keep the proceeds of the sale of all burial lots
in a separate fund, the principal of which shall not be used for
any purpose, unless to purchase more land for burial purposes,
and then the proceeds from the sale of such land shall be placed
in said fund, but the said Board may use the interest derived
from said fund for the purpose of maintaining, improving and
ornamenting the grounds. The secretary of said Board of
Managers shall make a written report to the said church, at its
regular annual meeting, of each item of income and expendi-
ture, the amount of cash on hand and where the funds derived
from the sale of lots are invested. The proceeds of the sale of
lots shall be invested by the Board of Managers in such securi-
ties as they may believe to be safe. In case of funds being
loaned on real estate the same shall not be on unproductive
property, and then in such sum as not to exceed two-thirds of
its assessed value for the purpose of State and county taxation.
The secretary of said Board of Managers shall give bond in
such sum as may be satisfactory to said Board of Managers,
and shall serve without compensation.

SEC. 6. And be it further enacted. That this Act shall take
effect from June 1st, 1916.

Approved April 18th, 1916.