Delaware Code Title 18 Sec. 5502 – “Mutual benefit association” defined
As used in this chapter:
(1) “Association” means a mutual benefit association as defined in this section.
(2) “Mutual benefit association” means a corporation, society, order or association which has no capital stock, which issues certificates of membership providing for payment of benefits in case of sickness, disability or death of its members and which accumulates funds by the collection of fees or dues from its members, at either stated or irregular intervals, with which to discharge its liabilities on its membership certificates and with which to pay the administrative expenses, but fraternal benefit societies as defined in Chapter 62 of this title shall not be deemed to be mutual benefit associations.
18 Del. C. 1953, § ?5502; 56 Del. Laws, c. 380, § ?1;
Terms Used In Delaware Code Title 18 Sec. 5502
- Association: means a mutual benefit association as defined in this section. See Delaware Code Title 18 Sec. 5502
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.