On August 1, 2001, the Arkansas Cemetery Board shall segregate one hundred eighty thousand dollars ($180,000) within its general operating fund to be administered by the secretary of the board and only used to lend a court-appointed receiver or conservator the funds necessary to assure that a cemetery will be properly maintained and will continue to be a going concern, including the funds necessary to pay any reasonable surety bond premium which is required to be posted by the court.

The board may take any legal action necessary against a cemetery company, receiver, or conservator to recover any funds loaned by the board to or for the benefit of the cemetery, the cemetery company, receiver, or conservator for the payment of maintenance expenses or unpaid loans.

Disbursement from such funds for loans to a receiver or conservator shall be made on a "first in, first out" basis as determined by the secretary of the board

Donations to the board to fund such loans may be accepted by the secretary from any cemetery company, organization, or individual.

The board may waive payment or extend the payment period for any loan made to a receiver or conservator if the board determines that it is unlikely that the receiver or conservator has or will receive sufficient funds to repay the loan and that the funds were or are needed to maintain and operate the cemetery for the benefit of the lot owners and the general public.