Indiana Code 27-8-1-7. Restriction on kinds of certificates; expenses; segregation of expense and mortuary funds
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Terms Used In Indiana Code 27-8-1-7
- 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.
Sec. 7. No corporation, association, or society organized under the provisions of this chapter shall issue endowment certificates or policies undertaking or promising to pay members during life, except for accident or temporary illness, any stipulated sum of money. The expenses of such corporation, association, or society shall be provided for by admission fees, and either fixed annual payments or assessments made and designated to be for such expenses, and no part of the expense fund shall in any case be used to pay death claims, and no part of the mortuary fund shall in any case be used to pay expenses.
Formerly: Acts 1883, c.136, s.7. As amended by P.L.252-1985, SEC.270.