40-743. Laws and rules; provisions relating to membership to be specified.
40-743
40-743. Laws and rules; provisions relating to membership to be specified.(a) A society shall specify in its laws or rules:
(1) Eligibility standards for each and every class of membership,provided that if benefits are provided on the lives of children, theminimum age for adult membership shall be set at not less than age 15 andnot greater than age 21;
(2) the process for admission to membership for each membership class; and
(3) the rights and privileges of each membership class, provided thatonly benefit members shall have the right to vote on the management of theinsurance affairs of the society.
(b) A society may also admit social members who shall have no voice orvote in the management of the insurance affairs of the society.
(c) Membership rights in the society are personal to the member and are not assignable.
History: L. 1988, ch. 154, § 6; Jan. 1, 1989.