(1) Every cemetery company which now or hereafter maintains a cemetery, shall place its cemetery under perpetual care and maintenance and establish, maintain, and operate a perpetual care and maintenance fund. Perpetual care and maintenance funds may be commingled for investment, and the income therefrom shall be divided between the perpetual care and maintenance fund in the proportion that each fund contributed to the principal sum invested. The funds shall be held in the name of the cemetery company or in the name of the trustees appointed by the cemetery company.

(2) The principal of all funds for perpetual care and maintenance funds shall be invested, and the income only may be used for the care, maintenance, additions, improvements, or fixtures to the cemetery property, in accordance with the provisions of law and the resolutions, bylaws, rules, and regulations, or other actions or instruments of the cemetery company and for no other purpose. Perpetual care and maintenance funds shall be maintained separate and distinct from all other funds, and the trustees shall keep separate records thereof.

(3) The cemetery company may from time-to-time adopt plans for the general care and maintenance of its cemetery, and charge and collect from all subsequent purchasers of plots such reasonable sum as, in the judgment of the cemetery company, will aggregate a fund, the reasonable income from which will provide care and maintenance.

(4) The perpetual care and maintenance fund under these provisions shall be kept separate and apart from all other cemetery funds. Separate records and books shall be kept of the perpetual care and maintenance fund. The amount to be deposited in the perpetual care and maintenance fund shall be separately shown on the original purchase agreement and shall be not less than 15 percent of the gross proceeds of each sale of cemetery property. A copy of the agreement shall be delivered to the purchaser. In the sale of cemetery property, no commission shall be paid a manager or salesman on the amount deposited by the purchaser in the fund.

(5) Each cemetery shall at all times maintain and keep within the state of Montana all books, accounts, records, cash and evidences of investments of its general and special care funds. They shall be readily available for inspection and examination by the Board of Funeral Service in accordance with the provisions of the law.