Full Text of SB1047 98th General Assembly
SB1047enr 98TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning civil law.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 1. Findings. The General Assembly finds: | 5 | | (1) "An Act to create the Rosehill Cemetery Company", | 6 | | approved February 11, 1859 (hereinafter "the 1859 Act"), | 7 | | created the Rosehill Cemetery Company and constituted its | 8 | | charter. The 1859 Act appears on pages 29 through 33 of the | 9 | | "Private Laws" portion of the volume "Laws of the State of | 10 | | Illinois, Passed by the Twenty-first General Assembly, | 11 | | Convened January 3, 1859". (The pages of that volume are not | 12 | | numbered in a single sequence. The portions labeled "Public | 13 | | Laws" and "Private Laws" have separate page numbering.) | 14 | | (2) "An Act to amend "An act to create the Rosehill | 15 | | Cemetery Company," approved February 11, 1859", approved | 16 | | February 13, 1863 (hereinafter "the 1863 Act"), amended the | 17 | | charter of the Rosehill Cemetery Company as set forth in the | 18 | | 1859 Act. The 1863 Act appears on pages 174 through 177 of the | 19 | | volume "Private Laws of the State of Illinois, Passed by the | 20 | | Twenty-third General Assembly, Convened January 5, 1863". | 21 | | Among other things, the 1863 Act: required 10% of the proceeds | 22 | | received from the sale of lots by the Rosehill Cemetery Company | 23 | | to be reserved and set apart until the sum reserved and set | 24 | | apart amounted to $100,000; required that sum to be kept as a |
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| 1 | | fund (hereinafter "the reserve fund") for the preservation, | 2 | | maintenance, and ornamentation of the cemetery; created the | 3 | | Board of Trustees of the Rosehill Cemetery; required the | 4 | | Rosehill Cemetery Company to pay the amounts reserved and set | 5 | | apart to the Board of Trustees of the Rosehill Cemetery; | 6 | | imposed various requirements upon the investment of funds by | 7 | | the Board of Trustees of the Rosehill Cemetery; and imposed | 8 | | various requirements regarding the composition and selection | 9 | | of the Board of Trustees of the Rosehill Cemetery. | 10 | | (3) On September 15, 1983, a decree was entered by the | 11 | | Circuit Court of Cook County in Rosehill Cemetery Company et | 12 | | al. v. Chicago Title and Trust Company et al., No. 83 CH 339, | 13 | | which dealt with various matters involving the successor to the | 14 | | Rosehill Cemetery Company as well as 4 funds dedicated to the | 15 | | care and upkeep of the Rosehill Cemetery, including the reserve | 16 | | fund. 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 |
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| 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 | 15 | | administered the reserve fund in accordance with the 1863 Act. | 16 | | The 1863 Act must be amended to enable the Board of Trustees of | 17 | | the Rosehill Cemetery to manage the reserve fund according to | 18 | | modern investment principles and to ensure the continued | 19 | | operation of the reserve fund. | 20 | | Section 5. "An Act to amend "An act to create the Rosehill | 21 | | Cemetery Company," approved February 11, 1859", approved | 22 | | February 13, 1863, is amended by adding Sections 14.1 and 14.2 | 23 | | as follows: | 24 | | (Private Laws 1863, p. 174-177, Sec. 14.1 new) |
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| 1 | | Sec. 14.1. Notwithstanding any other provision of law, as | 2 | | an alternative to the investment provisions of Sections 3 | 3 | | through 7 of this Act, the Board of Trustees of the Rosehill | 4 | | Cemetery may invest assets of the fund created under Section 2 | 5 | | of this Act in accordance with Section 5 of the Trusts and | 6 | | Trustees 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 | 9 | | an alternative to the provisions of Sections 3 and 10 of this | 10 | | Act concerning the number of trustees and the manner of | 11 | | electing trustees, the Board of Trustees of the Rosehill | 12 | | Cemetery may adopt bylaws establishing procedures for the | 13 | | governance of the Board, including, but not limited to, the | 14 | | number of trustees and the manner of electing trustees.
| 15 | | Section 99. Effective date. This Act takes effect upon | 16 | | becoming law.
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