[HISTORY: Adopted by the Town Council of the Town of Dagsboro 10-2-1967 by Ord. No. 46A. Amendments noted where applicable.]
There is hereby established a trust fund by the Town Council of the Town of Dagsboro, and said trust fund is designated “Prince George's Chapel Cemetery Trust Fund.”
The members of the Town Council of the Town of Dagsboro, and their elected successors while they hold office shall be the Trustees of said Trust Fund, and the Trustees shall hold, manage, invest and reinvest all money, realty, personalty, stocks, bonds, and property of any nature which shall be donated, devised, bequeathed, or given to said Trust Fund, and collect the income therefrom.
The Trustees shall pay out of such income all taxes, charges and expenses properly payable thereout.
The Trustee shall pay out the net income and the principal as they deem necessary in their sole and absolute discretion for the maintenance, upkeep and improvement of Prince George's Cemetery. Any income not expended shall be accumulated and added to the principal.
Expenditure of principal and income shall be made by direct expenditure to any person, firm or corporation for work and labor done or materials furnished in the maintenance, upkeep and improvement of said Cemetery, and the receipt therefrom shall be a full and complete discharge of the Trustees thereto.
Neither the principal nor the interest of said Trust Fund shall be alienated or in any other manner assigned or transferred by the Trustees, and further shall be exempt from execution, attachment, distress for rent or other legal or equitable process.
The Trustees are authorized and empowered in their sole discretion:
To retain any and all stocks, bonds, notes, securities and/or other property coming into their possession as Trustees without liability for any decrease in value thereof.
To sell at public or private sale, exchange for like or unlike property, convey, lease, and otherwise dispose of any or all property, real or personal, held in the Trust Fund by them administered, for such price and upon such terms and credits as may be deemed proper.
To invest any money available for investment in the Trust Fund by them administered in such stocks, bonds, notes, securities and/or other property as may be deemed appropriate for such Trust Fund, irrespective of the rules of investment applying to Trustees under any present or future laws of the State of Delaware or elsewhere and without any duty to diversify investments.
To participate in any plan or proceeding, including any voting trust plan, for protecting or enforcing any right, obligation or interest arising from any property held in the Trust Fund by them administered or for reorganizing, consolidating, merging or adjusting the finances of any corporation issuing the same, to access in lieu thereof any new or substituted stocks, bonds, notes and/or securities, whether of the same or a different kind or class, or with different priorities, rights, or privileges, to pay any assessment or any expense incident thereto, and to do any other act or thing that it may deem necessary or advisable in connection therewith.
To vote directly or by proxy at any election or stockholders' meeting any shares of stock held hereunder.
To determine whether expenses and other disbursements, including any expenses in connection with the operation, maintenance, improvement and protection of any property held in the Trust Fund by them administered, shall be charged against principal or income, or partly against principal and partly against income, and such determination shall be conclusive upon all persons and corporations interested therein.
This Trust Fund shall continue in existence as long as Prince George's Chapel Cemetery is in possession of the Town of Dagsboro; in the event said Cemetery is assigned or transferred, said Trust Fund shall be distributed to the assignee of transferee providing it shall be continued to be held in trust for the maintenance, upkeep and improvement of said Cemetery; otherwise, it shall terminate and the principal and interest revert to the Town of Dagsboro.