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2nd. The purpose for which it is formed, which shall not include more liberal powers than are granted by this Act, provided, that any lawful social, intellectual, educational, charitable, benevolent, moral or religious advantages may be set forth among the purposes of the association and the mode in which its corporate powers are to be exercised.

3rd. The names, residences and official titles of all the officers, trustees, directors or other persons who are to have and exercise the general control and management of the affairs and funds of the associations for the first year, or until the ensuing election at which all such officers shall be elected by the supreme legislative or governing body, which election shall be held not later than one year from the date of the issuance of the permanent certificate.

Such articles of incorporation and duly certified copies of the constitution and laws, rules and regulations, and copies of all proposed forms of benefit certificates, applications therefor and circulars to be issued by such association, and a bond in the sum of five thousand dollars, with sureties approved by the Insurance Commissioner, conditioned upon the return of the advanced payments as provided in this section to applicants, if the organization is not completed within one year, shall be filed with the Insurance Commissioner, who may require such further information as he deems necessary, and if the purposes of the association conform to the requirements of this Act and all provisions of law have been complied with, the Insurance Conmissioner shall so certify, and retain and record (or file) the articles of incorporation, and furnish the incorporators a preliminary certificate authorizing said association to solicit members as hereinafter provided. Upon receipt of said certificate from the Insurance Commissioner, said association may solicit members for the purpose of completing its organization, and shall collect from each applicant the amount of not less than one regular monthly payment in accordance with its table of rates as provided by its constitution and laws, and shall issue to each such applicant a receipt for the amount so collected. But no such association shall incur any liability other than for such advanced payments, nor issue any benefit certificate, nor pay or allow, or offer or promise to pay or allow to any person

any death or disability benefit until actual bona fide applications for death benefit certificates have been secured upon at least five hundred lives for at least one thousand dollars each, and all such applicants for death benefits shall have been regularly examined by legally qualified practicing physicians and certificates of such examinations have been duly filed and approved by the chief medical examiner of such association, nor until there shall be established ten subordinate lodges or branches into which said. five hundred applicants have been initiated, nor until there has been submitted to the Insurance Commissioner under oath of the president and secretary or corresponding officers, of such association, a list of such applicants, giving their names, addreses, date examined date approved date initiated, name and number of subordinate branch of which each applicant is a member, amount of benefits to be granted, rate of stated periodical contributions which shall be sufficient to provide for meeting the mortuary obligation, contracted, when valued for death benefits, upon the basis of the National Fraternal Congress Table of Mortality as adopted by the National Fraternal Congress, August 23, 1899, or any higher standard at the option of the association and for disability benefits by tables based upon reliable experience and for combined death and permanent total disability benefits by tables based upon reliable experience, with an interest assumption not higher than four per cent. per annum, nor until it shall be shown to the Insurance Commissioner by the sworn statement of the treasurer or corresponding officer of such association that at least five hundred applicants have each paid in cash at least one regular monthly payment as herein provided, per one thousand dollars of indemnity to be affected, which payments in the aggregate shall amount to at least twenty-five hundred dollars, all of which shall be credited to the mortuary or disability fund on account of such applicants, and no part of which may be used for expenses.

Said advanced payments shall during the period of organization be held, in trust, and, if the organization is not completed within one year as hereinafter provided, returned to said applicants. The Insurance Commissioner may make such examination and require such further information as he deems ad

visable, and upon presentation of satisfactory evidence that the association has complied with all the provisions of law he shall issue to such association certificate to that effect. Such certificate shall be prima facie evidence of the existence of such association at the date of such certificate. The Insurance Commissioner shall cause a record of such certificate to be made and a certified copy of such record may be given in evidence with like effect as the original certificate. No preliminary certificate granted under the provisions of this section shall be valid after one year from its date, or after such further period, not exceeding one year, as may be authorized by the Insurance Commissioner, upon cause shown, unless the five hundred applicants herein required have been secured and the organization has been completed as herein provided, and the articles of incorporation, and all proceedings thereunder shall become null and void in one year from the date of said preliminary certifi cate, or at the expiration of said extended period, unless such association shall have completed its organization and commenced business as herein provided. When any domestic association shall have discontinued business for the period of one year, or has less than four hundred members, its charter shall become null and void.

Every such association shall have the power to make a constitution and by-laws for the government of the association, the admission of its members, the management of its affairs and the fixing and readjusting of the rates of contribution of its members from time to time; and it shall have the power to change, alter, add to or amend such constitution and by-laws, and shall have such other powers as are necessary and incidental to carrying into effect the objects and purposes of the association.

1912, ch. 824, sec. 13a.

241. (Powers Retained-Reincorporation - Amendments.) Any association now engaged in transacting business in this State may exercise, after the passage of this Act, all of the rights conferred thereby, and all of the rights, powers and privileges now exercised or possessed by it under its charter or articles of incorporation not inconsistent with this Act, if in

corporated; or, if it be a voluntary association, it may incorporate hereunder. But no association already organized shall be required to reincorporate hereunder, and any such association may amend its articles of incorporation from time to time in the manner provided therein, or in its constitution and laws, and all such amendments shall be filed with the Insurance Commissioner and shall become operative upon such filing, unless a later time be provided in such amendments or in its articles of incorporation, constitution or laws.

1912, ch. 824, sec. 14A.

242. (Mergers and Transfers.)

No domestic association shall merge with or accept the transfer of the membership or funds of any other association unless such merger or transfer is evidenced by a contract in writing, setting out in full the terms and conditions of such merger or transfer, and filed with the Insurance Commissioner of this State, together with a sworn statement of the financial condition of each of said associations by its president and secretary, or corresponding officers, and a certificate of such officers, duly verified under oath of said officers of each of the contracting associations, that such merger or transfer has been approved by a vote of two-thirds of the members of the supreme legislative or governing body of each of said associations. Upon the submission of said contract, financial statements and certificates, the Insurance Commissioner shall examine the same, and, if he shall find such financial statements to be correct and the said contract to be in conformity with the provisions of this section, and that such merger or transfer is just and equitable to the members of each of said associations, he shall approve said merger or transfer, issue his certificate to that effect and thereupon the said contract of merger or transfer shall be of full force and effect.

In case such contract is not approved, the fact of its submission and its contents shall not be disclosed by the Insurance Commissioner.

1912, ch. 824, sec. 15A.

243. (Annual License.) Associations which are now authorized to transact business in this State may continue such business until the first day of January next succeeding the

passage of this Act, and the authority of such association may thereafter be renewed annually, but in all cases to terminate on the first day of the succeeding January; provided, however, that license shall continue in full force and effect until the new license be issued or specifically refused. For each such license or renewal the association shall pay the Insurance Commissioner twenty-five dollars. A duly certified copy or duplicate of such license shall be prima facie evidence that the license is a Fraternal Beneficiary Association within the meaning of this Act.

1912, ch. 824, sec. 16A.

244. (Admission of Foreign Associations.) No foreign association now transacting business organized prior to the passage of this Act, which is not now authorized to transact business in this State, shall transact any business herein without a license from the Insurance Commissioner. Any such association shall be entitled to a license to transact business within this State upon filing with the Commissioner a duly certified copy of its charter or articles of association; a copy of its constitution and laws, certified by its secretary or corresponding officer; a power of attorney to the Commissioner as hereinafter provided; a statement of its business under oath of its president and secretary, or corresponding officers, in the form required by the Commissioner, duly verified by an examination made by the supervising insurance official of its home State or other States satisfactory to the Insurance Commissioner of this State; a certificate from the proper official in its home State, province or country that the association is legally organized; a copy of its contract, which must show that benefits are provided for by periodical, or other payments by persons holding similar contracts; and upon furnishing the Commissioner such other information as he may deem necessary to a proper exhibit of its business and plan of working, and upon showing that its assets are invested in accordance with the laws of the State, territory, district, province or country where it is organized, he shall issue a license to such association to do business in this State until the first day of the succeeding January, and such license shall, upon compliance with the provisions of this Act,

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