Utah Code 31A-9-206. Powers under organization permit and deposit of proceeds of subscriptions
Current as of: 2023 | Check for updates
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Subsection 31A-5-207(2) and Section 31A-5-208 apply to fraternals, except that:
| (1) | the word “mutual” shall be read “fraternal”; and |
| (i) | a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind; |
| (ii) | a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and |
| (iii) | a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301 |
| (2) | there are no qualifying insurance policies as referred to in Subsection 31A-5-207(2)(a). |
Enacted by Chapter 242, 1985 General Session