The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1897-03-30

by amended by striking out the word +" Satur.
days. in the second line Of the first section
thereof and inserting the words secular days,
SO that said section, as amended. shall read as
follows:
Section l. Every loan and building associa.
ton doing business In this state shall semi
annually on the last secular days of April and
October make return signed and sworn to by
its SECRETARY of its monthly capital dues paid
in by its share holders during the six months
preceding each of said days, exclusive of
Withdrawals, fines, interest and premiums
Said return SHALL be made to the treasurer of
state on or before the second Mondays OF May
and November, and for wilfully making false
return, the secretary forfeits not less than five
hundred nor more than five thousand dollars.
The treasurer of such association shall pay to
tho treasurer of state tax on account of such
dues, Of onefourth Of one per cent a year on
the amount 80 returned
[Approved Mar. q.
Chapter $50.
AN ACT relating to Fraternal Beneficiary
Organizations.
Scot. /. A fraternal beneficiary association
is hereby declared to be corporation, society
or voluntary association, formed or organized
and carried on for the sole benefit Of its men,
bers and their bene1ciaries, and not for
profit Each association shall have q lodge
system, with rltualistic form of work and rep
resentative form Of government, and shall
make provision for the payment of benefits in
case of death, and may make provision tor the
porary or permanent physical disability, either
as the result of disease, accident or old age,
provided the period In life at which payment
of physical disability. benefits on account of
old age commences shall not be under seven
ty years, subject to their compliance with its
constitution and laws The fund from which
the payment of such benefits shall be made,
and the fund from which the expenses Of such
association shall be betrayed shall be derived
from assessments or dues collected from its
members. Payments of death benefits shall be
n. 1.nt, 1<,zI LOFT al
anced husband or afianced wife of, or to per-
sons dependent upon the member. Such asso.
Citations shall be governed by this act and
snaa pc exemPt s stsa enc as Seps,n nro
vided and no law hereafter passed shall apply
to them unless they be expressly designated
therein.
SECT. 2. Seven or more persons, resident of
the state, desiring to form a fraternal beneh-
ciary corporation for the purposes above pro-
vided, and having signed an agreement there
corporation, may organize as such In the man.
ner provided in sections one, two and three of
chapter 1ifty-five of the revised statutes, and
such corporation shall have all the powers,
privileges and immunities, and be subject to
all the liabilities named in said section three.
SECT. g. The presiding officer, treasurer and
majority of the directors.or other officers,
shall forthwith make, sign and swear to certi-
fcate setting forth true copy of the agreement
and declaration of the purposes of the associ-
alton, with the names of the subscribers thereto,
the GATE OF Tile nfSL Iu66blIS, anu I1o buCC6S-
sive adjournments, If any, and shall submit
such certificate and the records of the corpor-
alton to the insurance commissioner, who
shall make such examination and require such
evidence as he deems necessary; and If 1t
appears that the purposes of the corporation
conform to law, he shall certify his approval
thereof, and the certificate shall then be fled
by said officers in the Office of the secretary of
state, who, upon payment of fee of i've dol
lars, shall cause the same with the endorse
ments, to be recorded, and shall thereupon issue
a certificate in the following form:
STATE OF MAINE.
Be it known that whereas (here the names
of the subscribers to the agreement Of associa-
ton shall be inserted), have associated them
selves with the intention of forming corpora
ton under the name of there the name of the
corporation shall be inserted), for the purpose
there the purpose declared in the agreement
of association shall be inserted), and have
complied with the provisions of the statutes
of this state in such case made and provided,
as appears from the certificate of the officers
of the corporation, duly approved by the in
surance commissioner and recorded in this
office; now therefore, there the name of the
secretary shall be inserted), secretary of the
(here the names of the subscribers to the agree
ment Of association shall be inserted), their
associates and successors, are legally organized
and established as and are hereby made an
existing corporation under tho name Of there
the name of the corporation shall be inserted)
with the powers, rights and privileges, and
subject to the limitations duties and restrictions
which by law appertain thereto. Witness my
official signature hereunto subscribed, and the
seal of the state of Maine hereunto affixed, this
day %, Of a.. IN the yea year
execution of the certificate shall be inserted.)
The secretary shall sign the name and cause
the seal of the state to be thereto affixed, and
such certificate shall be conclusive evidence OF
the existence of such corporation at the date OF
such certificate. He shall cause . record of
such certificate to be made.
Scot. 4. Any such corporation may hold at
any one time, as death fund belonging to the
benefcaries of anticipated deceased members,
an amount not exceeding one assessment from
general or unlimited membership, or an
amount not exceeding in the aggregate, one
assessment from each limited class or division
of its members; provided that nothing in this
section shall be held to restrict such fund to less
than twenty five thousand dollars.
SECT. g. No corporation organized under the
provisions of this act shall commence to do
business or issue any certificate until it has
presented to the insurance commissioner and
received his certifcation that it has obtaiDed
not less than five hundred bona fide applica.
lions for membership. For until it has deposit
ted with the treasurer of state at least one
fund, which shall be held and applied in &C
cordance with the provisions of section six OF
chapter two hundred thirty-seven of the public
laws of eighteen hundred and eighty nine, as
amended. All such companies or ASSOCIATIONS
hereafter organized or incorporated under the
laws of this state shall also comply with all
provisions of section six of said chapter.
SECT. g. No charter granted under the pro-
visions of this act shall be valid after one year
from its date unless the organization has been
completed and business begun hereunder,
And when any domestic corporation has dis
continued business for the period OF one year
its charter shall become null ana VOID
SECT. Z. No such corporation shall rein
sure with or transfer its membership ceitid.
Gates or funds to any organization, unless the
said contract of transfer or reinsurance is first
submitted TO and approved by a two thirds
society present at meetings called to consider
the same, of which meetings written or printed
notice shall be mailed to each certificate
for said meeting, nor unless the said contract
of transfer or reinsurance is first submitted to
and approved by the insurance commissioner
SECT 8. Any fraternal beneficiary corpo-
ration existing under the laws of this state
and now engaged In transacting business as
herein defined, may reincorporate under the
provisions of this act; provided, that nothing
In this act contained shall be construed as re
auiring any such corporation to reincorporate
and any such corporation may continue to ex