78243754.1-2326Virginia Decodedhttps://vacode.org2016Professions And OccupationsProfessions And Occupations Regulated By The Department Of Professional And Occupational Regulation And Boards Within The DepartmentCemetery Operators, Perpetual Care Trust Funds And Preneed Burial ContractsWho may serve as trustee of preneed trust fund1998, cc. 708, 721.http://law.lis.virginia.gov/vacode/54.1-2326//54.1-2326/54.1/II/23.1/54.1-232654.1-2342The trustee of the preneed trust fund shall be appointed by the person owning, operating, or developing a cemetery company. If the trustee is other than a Virginia trust company or trust subsidiary or a federally insured bank or savings institution doing business in the Commonwealth, the trustee shall be approved by the Board.A trustee that is not a Virginia trust company or trust subsidiary or a federally insured bank or savings institution doing business in the Commonwealth shall apply to the Board for approval, and the Board shall approve the trustee when the Board has become satisfied that the applicant:sectionAA1 Employs and is directed by persons who are qualified by character, experience, and financial responsibility to care for and invest the funds of others;sectionA1A12 Will perform its duties in a proper and legal manner and that the trust funds and interest of the public generally will not be jeopardized; andsectionA2A22 Is authorized to do business in the Commonwealth and has adequate facilities to perform its duties as trustee.sectionA3A32If the trustee is other than a Virginia trust company or trust subsidiary or a federally insured bank or savings institution doing business in the Commonwealth, and if it appears that an officer, director or employee of the trustee is dishonest, incompetent, or reckless in the management of a preneed trust fund, the Board may bring an action in the appropriate court to remove the trustee and to impound the property and business of the trustee as may be reasonably necessary to protect the trust funds.sectionCC1