35-20-304. Trustees of fund -- bond required -- renewal of bond -- deposit with county treasurer. (1) Before exercising or having any of the powers, duties, rights, titles, authorities, or franchises appertaining to the trust or to trusteeship, each person chosen to be a trustee of the fund shall give to the cemetery association for which the trust is maintained a bond in a sum equaling at least 1 1/3 times the value of the property on hand at the time of giving the bond, with good and sufficient sureties, who shall justify in the aggregate in at least double the amount of the bond. The bond must be conditioned for the due and faithful performance of the trustee's trust until July 1 of the next even-numbered year after the year in which the bond is given and until the trustee gives a new bond.

(2) Upon July 1 in each even-numbered year, each trustee shall give a new bond conditioned in the same way, the amount to be determined by the same rule, and with sureties as provided in subsection (1).

(3) Any failure to renew bonds within 30 days after the time provided is a sufficient ground for removal of any trustee within the discretion of the district court. The bonds must all be approved by a judge of the district court for the judicial district in which the cemetery for the trust exists or some part of the cemetery is located and must be filed with the clerk of the district court of the county in which the cemetery is located.

(4) The value of the property on hand may be reduced for the purpose of fixing the amount of the bond in an amount equal to the value of the money, bonds, and securities that the trustee or trustees of the permanent care and improvement fund may elect to and do deposit with the county treasurer as provided in subsection (5).

(5) The trustee or trustees of the fund may deposit money, bonds, and securities as the trustee or trustees see fit with the county treasurer of the county in which the cemetery or some part of the cemetery is located for safekeeping, and it is the duty of the county treasurer to receive and safely keep all money, bonds, and securities and pay them out or deliver them, or any part of them, upon the order of the trustee or a majority of the trustees, when countersigned by a judge of the judicial district, and to keep an account with the trustee or trustees of all transactions. For the safekeeping and payment and delivery of all money, bonds, and securities, the treasurer and the treasurer's sureties are liable upon the treasurer's official bond.