SB1047 EngrossedLRB098 05332 HEP 35366 b

1    AN ACT concerning civil law.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 1. Findings. The General Assembly finds:
5    (1) "An Act to create the Rosehill Cemetery Company",
6approved February 11, 1859 (hereinafter "the 1859 Act"),
7created the Rosehill Cemetery Company and constituted its
8charter. The 1859 Act appears on pages 29 through 33 of the
9"Private Laws" portion of the volume "Laws of the State of
10Illinois, Passed by the Twenty-first General Assembly,
11Convened January 3, 1859". (The pages of that volume are not
12numbered in a single sequence. The portions labeled "Public
13Laws" and "Private Laws" have separate page numbering.)
14    (2) "An Act to amend "An act to create the Rosehill
15Cemetery Company," approved February 11, 1859", approved
16February 13, 1863 (hereinafter "the 1863 Act"), amended the
17charter of the Rosehill Cemetery Company as set forth in the
181859 Act. The 1863 Act appears on pages 174 through 177 of the
19volume "Private Laws of the State of Illinois, Passed by the
20Twenty-third General Assembly, Convened January 5, 1863".
21Among other things, the 1863 Act: required 10% of the proceeds
22received from the sale of lots by the Rosehill Cemetery Company
23to be reserved and set apart until the sum reserved and set
24apart amounted to $100,000; required that sum to be kept as a

 

 

SB1047 Engrossed- 2 -LRB098 05332 HEP 35366 b

1fund (hereinafter "the reserve fund") for the preservation,
2maintenance, and ornamentation of the cemetery; created the
3Board of Trustees of the Rosehill Cemetery; required the
4Rosehill Cemetery Company to pay the amounts reserved and set
5apart to the Board of Trustees of the Rosehill Cemetery;
6imposed various requirements upon the investment of funds by
7the Board of Trustees of the Rosehill Cemetery; and imposed
8various requirements regarding the composition and selection
9of the Board of Trustees of the Rosehill Cemetery.
10    (3) On September 15, 1983, a decree was entered by the
11Circuit Court of Cook County in Rosehill Cemetery Company et
12al. v. Chicago Title and Trust Company et al., No. 83 CH 339,
13which dealt with various matters involving the successor to the
14Rosehill Cemetery Company as well as 4 funds dedicated to the
15care and upkeep of the Rosehill Cemetery, including the reserve
16fund. Regarding the reserve fund, the Court found:
17        "4. On July 6, 1894, a decree was entered by the
18    Circuit Court of Cook County in Case No. 120206, Lunt and
19    Farwell vs. The Rosehill Cemetery Company et. al., which
20    found that the Reserve Fund had reached $100,000, and
21    ordered that it be administered by lot owner trustees
22    pursuant to the Amendment to Charter, with The Northern
23    Trust Company of Chicago, Illinois acting as custodian of
24    the securities in which said Reserve Fund is invested."
25    Regarding the reserve fund, the Court ordered:
26        "5. That, upon the purchase of the assets of Rosehill

 

 

SB1047 Engrossed- 3 -LRB098 05332 HEP 35366 b

1    Cemetery Company, the dissolution of Rosehill Cemetery
2    Company, and the commencement of the operation of Rosehill
3    Cemetery in perpetuity by Rosehill Memorial, Inc., the
4    Reserve Fund and the trustees thereof shall continue to
5    operate in the manner provided, since 1863, by Section 7 of
6    the Charter of Rosehill Cemetery Company as amended by the
7    Special Act approved February 13, 1863 and pursuant to the
8    provisions of the first paragraph of Paragraph Second of
9    the decree entered on July 6, 1894 by the Circuit Court of
10    Cook County in Case No. 120206, Lunt and Farwell vs. The
11    Rosehill Cemetery Company et. al., and said trustees shall
12    continue to expend the income therefrom with the advice of
13    Rosehill Memorial, Inc."
14    (4) The Board of Trustees of the Rosehill Cemetery have
15administered the reserve fund in accordance with the 1863 Act.
16The 1863 Act must be amended to enable the Board of Trustees of
17the Rosehill Cemetery to manage the reserve fund according to
18modern investment principles and to ensure the continued
19operation of the reserve fund.
 
20    Section 5. "An Act to amend "An act to create the Rosehill
21Cemetery Company," approved February 11, 1859", approved
22February 13, 1863, is amended by adding Sections 14.1 and 14.2
23as follows:
 
24    (Private Laws 1863, p. 174-177, Sec. 14.1 new)

 

 

SB1047 Engrossed- 4 -LRB098 05332 HEP 35366 b

1    Sec. 14.1. Notwithstanding any other provision of law, as
2an alternative to the investment provisions of Sections 3
3through 7 of this Act, the Board of Trustees of the Rosehill
4Cemetery may invest assets of the fund created under Section 2
5of this Act in accordance with Section 5 of the Trusts and
6Trustees Act or any successor provision.
 
7    (Private Laws 1863, p. 174-177, Sec. 14.2 new)
8    Sec. 14.2. Notwithstanding any other provision of law, as
9an alternative to the provisions of Sections 3 and 10 of this
10Act concerning the number of trustees and the manner of
11electing trustees, the Board of Trustees of the Rosehill
12Cemetery may adopt bylaws establishing procedures for the
13governance of the Board, including, but not limited to, the
14number of trustees and the manner of electing trustees.
 
15    Section 99. Effective date. This Act takes effect upon
16becoming law.