§ 23-5-2-9 — Mutual mortuary benefits

Indiana § 23-5-2-9

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 5: OTHER BUSINESS ASSOCIATIONS
• Ch. 2: Boards of Trade, Exchanges, and Chambers of

Text

(a) This chapter shall not authorize the
organization of any banking, insurance, telegraph, mining,
manufacturing, warehouse, or transportation company, but any board
of trade or other commercial organization organized under this chapter
may create and operate among its members a system of mutual
mortuary benefits and may raise the benefits, after the death of each
member who is a subscriber to the mortuary benefit fund, by an
assessment of not more than four dollars ($4) upon each living member
for the benefit of the beneficiaries of such deceased member described
in the articles of association or bylaws of the corporation or for the
benefit of the beneficiaries named by the member conformably to the
articles of association or bylaws.
(b) The corporation may make continued membership in the
corporation itself, of a living member, conditional upon the member's
paying such assessments promptly.
(c) The corporation shall only be liable to any beneficiary to the
extent for the assessment in the beneficiary's favor that has been
received by it, and the fund so collected shall not be depleted by any
salary of officers or other expenses, but the whole thereof shall be paid
to the beneficiary.
Formerly: Acts 1875, c.5, s.9; Acts 1901, c.191, s.1. As
amended by P.L.34-1987, SEC.333; P.L.1-1989, SEC.47.