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§ 1263. Investment of Funds Allowable.

16 CA ADC § 1263Barclays Official California Code of Regulations

Barclays California Code of Regulations
Title 16. Professional and Vocational Regulations
Division 12. Cemetery and Funeral Bureau (Refs & Annos)
Article 8. Preneed Funds and Disclosure of Preneed Agreements
16 CCR § 1263
§ 1263. Investment of Funds Allowable.
Currentness
(a) The trust funds shall be invested and reinvested, and kept invested in:
(1) Bonds of or securities guaranteed by the United States or an Agency thereof or this State, or of any County, City, or City and County in this State.
(2) Bonds which are legal investments for commercial banks in this State.
(3) Certificates of deposit or other interest-bearing accounts in any bank in this State insured by the Federal Deposit Insurance Corporation.
(4) Investment certificates or shares in any state or federally chartered savings institution insured by the Federal Savings and Loan Insurance Corporation.
(5) Investments of the type and in the manner as provided in Section 15001 et. seq. of the Probate Code.
(b) No loan shall be made to any licensed funeral establishment; nor to any owner, director, officer, partner or stockholder of any licensed funeral establishment; or to trustees of the trust funds; or to partners, relatives, agents, or employees of any licensed funeral establishment or of such trustees.
Note: Specific reference: Sections 7735, 7737 and 7737.5, Business and Professions Code.

Credits

History
1. Renumbering from Section 1266 filed 2-25-72; effective thirtieth day thereafter (Register 72, No. 9).
2. Amendment filed 6-17-77; effective thirtieth day thereafter (Register 77, No. 25).
3. Amendment filed 7-3-86; effective thirtieth day thereafter (Register 86, No. 27).
4. Change without regulatory effect amending subsections (a)(4), (a)(5) and (b) filed 4-15-97 pursuant to section 100, title 1, California Code of Regulations (Register 97, No. 16).
This database is current through 4/19/24 Register 2024, No. 16.
Cal. Admin. Code tit. 16, § 1263, 16 CA ADC § 1263
End of Document