Section 5.05. Procedures.

 

(1)  An officer, a trustee who has been elected pursuant to s. 157.062 , Stats., or a certified public accountant acting on behalf of the cemetery authority shall file an affidavit with the board which identifies the class and amount of each investment and certifies that each investment is in compliance with the criteria in s. CB 5.04 .

(2)  If the affidavit submitted to the board pursuant to sub. (1) lists investments in classes other than those described in s. CB 5.04 (1) (a) to (d) , the affidavit shall be accompanied by a written statement by a licensed investment advisor or a licensed securities broker stating his or her belief that such investments will provide safety equal to or greater than the investment classes described in s. CB 5.04 (1) (a) to (d) .

(3)  If the investment proposal meets the criteria set forth in s. CB 5.04 , the board may issue a letter of approval. A decision by the board not to approve an alternative investment may be appealed under ch. SPS 1 .

(4)  Affidavits are effective for one year and shall be filed with the board annually. The affidavit shall certify compliance for the period since the last affidavit was filed except that the initial affidavit need only certify compliance as of the date it is made.

(5)  Alternative investments made prior to November 1, 1991, are subject to board approval, and the board may require divestiture of any alternative investment which does not meet the criteria in s. CB 5.04 . The cemetery authority shall divest such alternative investments within 180 days following notification by the board that an alternative investment does not meet the criteria.

(6)  After board approval is obtained, the cemetery authority need not obtain further approval to increase the number of shares or units in the same security or investment if the shares or units meet the criteria set forth in s. CB 5.04 (1) (a) to (d) , (3) and (4) .

CR 12-021 : cr. Register August 2012 No. 680 , eff. 9-1-12.