Iowa Code 512B.6 – Purposes and powers
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1. a. A society shall operate for the benefit of members and their beneficiaries by fulfilling both of the following purposes:
(1) Providing benefits as specified in section 512B.16.
(2) Operating for one or more social, intellectual, educational, charitable, benevolent, moral, fraternal, patriotic, or religious purposes for the benefit of its members, which may also be extended to others.
b. The purposes listed in this subsection may be carried out directly by the society, or indirectly through subsidiary corporations or affiliated organizations.
Terms Used In Iowa Code 512B.6
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Laws: means the society's articles of incorporation, constitution, and bylaws, however designated. See Iowa Code 512B.2
- Regulations: means all regulations, or resolutions adopted by the supreme governing body or board of directors which are intended to have general application to the members of the society. See Iowa Code 512B.2
- Society: means a fraternal benefit society, unless otherwise indicated. See Iowa Code 512B.2
2. A society may adopt laws and regulations for the government of the society, the admission of its members, and the management of its affairs. A society may amend its laws and regulations, and has other powers as necessary and incidental to carrying into effect the objects and purposes of the society.