Michigan Laws 457.642 – Hermann’s Sons, grand lodge; powers
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Terms Used In Michigan Laws 457.642
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- 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.
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
Such grand lodge, so incorporated, shall have power to create, hold and disburse beneficiary, relief, general or other funds for the benefit of sick or disabled members or of the families and heirs of deceased members of subordinate lodges of said order, and to levy assessments or dues upon the members of said order for that purpose under the constitution and laws of said order or of the national grand lodge of said order. But such corporation shall be considered as engaged in the business of life insurance and shall be subject to the provisions of the statutes of this state relating to mutual benefit companies, associations or corporations.