§ 64B.01 — Fraternal Benefit Societies
Plain-Language Summary
This law defines what a fraternal benefit society is. It is a nonprofit organization run on a lodge system or religious branch system that provides benefits to its members and their beneficiaries. The society must have a representative form of government and no capital stock.
64B.01 FRATERNAL BENEFIT SOCIETIES.
Any incorporated society, order, or supreme lodge, without capital stock, including one exempted under section 64B.38, subdivision 1, clause (2), whether incorporated or not, conducted solely for the benefit of its members and their beneficiaries and not for profit, operated on a lodge system with ritualistic form of work or branch system that confines its membership to any one religious denomination, having a representative form of government, and which provides benefits in accordance with this chapter, is hereby declared to be a fraternal benefit society.
History:
History: History: 1985 c 49 s 1; 1986 c 313 s 7