Florida Statutes 632.605 – Purposes and powers
Current as of: 2023 | Check for updates
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(1) A society shall operate for the benefit of members and their beneficiaries by:
(a) Providing benefits as specified in s. 632.617; and
Terms Used In Florida Statutes 632.605
- 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.
- Laws: shall mean the society's articles of incorporation, constitution and bylaws, however designated. See Florida Statutes 632.604
- Rules: shall mean all rules, 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 Florida Statutes 632.604
- Society: shall mean fraternal benefit society, unless otherwise indicated. See Florida Statutes 632.604
(b) 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; provided that such purposes do not endanger the solvency of the society. Such purposes as set forth in this paragraph may be carried out directly by the society or indirectly through subsidiary corporations or affiliated organizations.
(2) No subsidiary corporation or affiliated organization shall transact insurance or engage in any other activity regulated under the Florida Insurance Code or other Florida law unless the subsidiary corporation or affiliated organization complies with all provisions of the applicable law. No society or subsidiary corporation or affiliated organization through which a society carries out its purposes shall own or operate a funeral home or undertaking establishment.
(3) Every society shall have the power to adopt laws and rules for the government of the society, the admission of its members, and the management of its affairs. The society shall have the power to change, alter, add to, or amend such laws and rules and shall have such other powers as are necessary and incidental to carrying into effect the objects and purposes of the society.