Any number of persons not less than five (5), a
majority of whom are citizens of this state, may associate themselves
together as a corporation, association, or society for the purpose of
transacting the business of life or accident, or life and accident
insurance, and for the payment of partial and permanent disability
claims to living members, upon the assessment plan, for the purpose of
mutual protection and relief of its members, and for the payment of
stipulated sums of money to the families, heirs, executors,
administrators, or assigns of the deceased members, or for the payment
of total and permanent disability claims to living members of such
company, association, or society, as the member may direct, in such
manner as may be provided in the bylaws; and may receive money,
either by
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Any number of persons not less than five (5), a
majority of whom are citizens of this state, may associate themselves
together as a corporation, association, or society for the purpose of
transacting the business of life or accident, or life and accident
insurance, and for the payment of partial and permanent disability
claims to living members, upon the assessment plan, for the purpose of
mutual protection and relief of its members, and for the payment of
stipulated sums of money to the families, heirs, executors,
administrators, or assigns of the deceased members, or for the payment
of total and permanent disability claims to living members of such
company, association, or society, as the member may direct, in such
manner as may be provided in the bylaws; and may receive money,
either by voluntary donation or contribution, for which purpose, they
shall make, sign, and acknowledge, before any officer authorized to
take acknowledgment of deeds in this state, articles of incorporation or
association, in which shall be stated the name or title by which such
corporation, association, or society shall be known in law, the location
of its principal business office (which office must be located in this
state), the names and residence of the persons signing the articles of
incorporation or association, the object of the corporation, association,
or society, with its plan of doing business clearly and fully defined, the
number of its directors, trustees or managers and the names of those
selected to serve until its first annual meeting, and, in case of life
corporations, associations, or societies, the limit as to age of applicants
for membership, which shall not exceed sixty-five (65) years, and that
medical examinations are required, but no medical examination shall
be required in case of accident corporations, associations, or societies,
and that bona fide applications have been secured for two hundred
thousand dollars ($200,000) by not less than two hundred (200)
persons, who have each made application for membership in such
proposed corporation, association, or society, and, in case of a life
corporation, have each been examined and recommended by a reliable
physician, and in all cases have each deposited with the parties asking
the certificate for such corporation, association, or society the sum of
two dollars ($2) on each one thousand dollars ($1,000) of insurance
applied for as an advance assessment for mortuary or accident or
disability indemnity purposes, as the case may be; which certificate of
association and applications, together with the certificate of some
solvent bank or banks that all such advance funds are deposited therein
to be turned over to the treasurer of such corporation, association, or
society when organized, shall be submitted to the insurance
commissioner, who shall carefully examine the same, and, if he shall
find that the objects and purposes are fully and definitely set forth and
are clearly within the provisions of this chapter, and that the name or
title is not the same or does not so closely resemble a title in use as to
have a tendency to mislead the public, the commissioner shall submit
the same to the attorney general for examination, and if found by him
to be in accordance with this chapter and not inconsistent with the
constitution and laws of the United States and of this state, he shall
certify to and deliver the same to the secretary of state, who shall cause
the same, with the certificate of the attorney general, to be recorded in
a book to be kept for that purpose; and, upon application of the signers
thereof, the secretary of state shall furnish to them a certified copy of
such articles and certificates, under his hand and the seal of this state,
and the secretary of state shall thereupon file in the office of the
commissioner a certified copy of all papers pertaining to the
organization of such corporation, association, or society. Thereupon,
the commissioner shall issue a license, authorizing said corporation,
association, or society to transact the business set forth in the certificate
of incorporation. Such corporation, association, or society shall deposit
with the commissioner a copy of all its forms of policy issued by them,
together with a copy of its bylaws and all forms of application for
insurance.
Formerly: Acts 1897, c.195, s.1. As amended by P.L.252-1985,
SEC.275.