§ 56-25-105 — Operation for benefit of members - Powers

(a) A society shall operate for the benefit of members and their beneficiaries by: (1) Providing benefits as specified in § 56-25-1401; and (2) Operating for one (1) or more social, intellectual, educational, charitable, benevolent, moral, fraternal, patriotic or religious purposes for the benefit of its members, which may also be extended to others. The purposes may be carried out directly by the society, or indirectly through subsidiary corporations or affiliated organizations. (b) Every society has the power to adopt laws and rules for the government of the society, the admission of its members, and the management of its affairs. It has the power to change, alter, add to or amend the laws and rules and has such other powers as are necessary and incidental to carrying into effect the objects and purposes of the society. (c) The commissioner may require any society to furnish facts and figures disclosing expenditures made by the society under subdivision (a)(2).

Legislative History

Acts 1990, ch. 703, § 1.