Effective - 01 Jan 1993
378.606. Laws and rules, requirements — membership rights nonassignable. — 1. 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, the minimum age for adult membership shall be set at not less than age fifteen and not greater than age twenty-one;
(2) The process for admission to membership for each membership class; and
(3) The rights and privileges of each membership class, provided that only benefit members shall have the right to vote on the management of the insurance affairs of the society.
2. A society may also admit social members who shall have no voice or vote in the management of the insurance affairs of the society.
3. Membership rights in the society are personal to the member and are not assignable.
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(L. 1992 S.B. 831)
Effective 1-01-93
Structure Missouri Revised Statutes
Title XXIV - Business and Financial Institutions
Chapter 378 - Fraternal Benefit Societies
Section 378.601 - Fraternal benefit society, defined.
Section 378.602 - Lodge system, requirements — children's wages permitted, limitation.
Section 378.603 - Representative form of government, requirements.
Section 378.604 - Definitions.
Section 378.605 - Operation, purpose — laws and rules, power to adopt.
Section 378.606 - Laws and rules, requirements — membership rights nonassignable.
Section 378.609 - Waiver of laws, restriction on, when.
Section 378.611 - Amendment of laws, procedures — amendments furnished to members.
Section 378.612 - Society may operate nonprofit organizations — may not own funeral home.
Section 378.613 - Reinsurance agreements, allowed — limitations.
Section 378.615 - Conversion to mutual life insurance company, allowed when.
Section 378.616 - Benefits authorized — rules to specify allowable beneficiaries.
Section 378.620 - Cash surrender value of certificate, computation of.
Section 378.621 - Investment of funds.
Section 378.622 - Assets, use of — variable basis contracts, allowed when.
Section 378.623 - Application of law — exemption from insurance laws.
Section 378.624 - Taxation of societies, exemptions.
Section 378.625 - Valuation of certificates, standards — reserves, excess permitted.
Section 378.626 - Statement of financial condition, contents, filing — penalty.
Section 378.627 - Annual renewal required.
Section 378.628 - Examination, director may conduct — expenses.
Section 378.629 - Foreign society to have license, requirements.
Section 378.631 - Foreign society, director may enjoin business, when.
Section 378.632 - Injunction, who may file.
Section 378.633 - Agents, licensing of — persons not deemed agents.
Section 378.634 - Unfair practices and frauds, subject to law — exception.
Section 378.635 - Service of process, director to be agent for.
Section 378.638 - Fraudulent acts, penalties.
Section 378.640 - Law not applicable to certain societies, when — specific exemptions.