§ 27-8-1-7 — Restriction on kinds of certificates; expenses; segregation of expense and mortuary funds

No corporation, association, or society organized
under the provisions of this chapter shall issue endowment certificates
or policies undertaking or promising to pay members during life,
except for accident or temporary illness, any stipulated sum of money.
The expenses of such corporation, association, or society shall be
provided for by admission fees, and either fixed annual payments or
assessments made and designated to be for such expenses, and no part
of the expense fund shall in any case be used to pay death claims, and
no part of the mortuary fund shall in any case be used to pay expenses.
Formerly: Acts 1883, c.136, s.7. As amended by P.L.252-1985,
SEC.270.