§ 58-25-5. Fraternal orders defined.
§58‑25‑5. Fraternal orders defined.
Every incorporatedassociation, order, or society doing business in this State on the lodgesystem, with ritualistic form of work and representative form of government,for the purpose of making provision for the payment of benefits of threehundred dollars ($300.00) or less in case of death, sickness, temporary orpermanent physical disability, either as the result of disease, accident, orold age, formed and organized for the sole benefit of its members and their beneficiaries,and not for profit, is hereby declared to be a "fraternal order". Societies and orders which do not make insurance contracts or collect dues orassessments therefor, but simply pay burial or other benefits out of thetreasury of their orders, and use their funds for the purpose of building homesor asylums for the purpose of caring for and educating orphan children and agedand infirm people in this State, shall not be considered as "fraternalorders"; and such order or association paying death or disability benefitsmay also create, maintain, apply, or disburse among its membership a reserve oremergency fund as may be provided in its constitution or bylaws; but no profitor gain may be added to the payments made by a member. (1987,c. 483, s. 2.)