Texas Insurance Code 885.051 – Fraternal Benefit Society Defined
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Terms Used In Texas Insurance Code 885.051
- 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.
A corporation, society, order, or voluntary association is a fraternal benefit society if it:
(1) has a lodge system and a representative form of government or limits its membership to a secret fraternity that has a lodge system and a representative form of government;
(2) is organized and operated solely for the mutual benefit of its members and their beneficiaries and not for profit;
(3) does not have capital stock; and
(4) provides for the payment of benefits in accordance with Section 885.301.