No owner of a cemetery in existence on August 1, 1962, who previously to such date has not sold or contracted to sell any interment space in the cemetery with a provision for perpetual or endowed care, shall thereafter advertise or otherwise hold out to the public that the cemetery or any individual interment space therein is entitled to perpetual or endowed care unless the owner has established a trust fund for perpetual or endowed care as provided by this Chapter.
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