Oregon Statutes 748.106 – Description of fraternal benefit society
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Any corporation, society, order, supreme lodge or voluntary association, without capital stock, 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, having a representative form of government and which provides benefits in accordance with this chapter is hereby declared to be a fraternal benefit society. [1987 c.490 § 3]
Terms Used In Oregon Statutes 748.106
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lodge: means subordinate member units of the society, known as camps, courts, councils, branches or by any other designation. See Oregon Statutes 748.103
- Society: means fraternal benefit society, unless otherwise indicated. See Oregon Statutes 748.103