512B.3 - FRATERNAL BENEFIT SOCIETIES -- DEFINED.
512B.3 FRATERNAL BENEFIT SOCIETIES -- DEFINED. An incorporated society, order, or supreme lodge, without capital stock, including one exempted under section 512B.36, subsection 1, paragraph "b", whether incorporated or not, conducted solely for the benefit of its members and their beneficiaries and not for profit, operated on a lodge system with a ritualistic form of work, having a representative form of government, and which provides benefits in accordance with this chapter, is a fraternal benefit society.
Section History: Recent Form 90 Acts, ch 1148, §3