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All associations are prohibited from creating any indebtedness except for expenses and benefits to policyholders and all debts for expenses and benefits to policyholders must be paid within sixty days after they arise.

Acts 1958, No. 125; Redesignated from La. Rev. Stat. 22:347 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.