Louisiana Revised Statutes 22:198 – Bylaws
Terms Used In Louisiana Revised Statutes 22:198
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- 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.
A. The board of directors of an association authorized under this Subpart may make and alter bylaws not inconsistent with the law or articles. The initial bylaws filed with the articles shall be signed by the first directors named in the articles.
B. The bylaws of all associations authorized under this Subpart shall contain:
(1) A statement that the treasurer shall make all assessments and pay out all money belonging to the association.
(2) The name of the undertaker or funeral directing firm with which the association has contracted to furnish the services specified in the policies.
(3) A description of the various classes or groups into which the policyholders are divided, the benefits to be furnished each class or group, the amount of the assessment of the members of each class or group, and the contingency upon which the assessment shall or may be made.
(4) The period of delay after assessment, which shall be not less than thirty days, within which assessments must be paid in order to prevent the forfeiture of policies.
(5) The person, firm, or corporation to be notified in event of the death of a policyholder or beneficiary.
(6) The time and place of the annual meeting of policyholders.
(7) The notice and manner of calling special meetings of policyholders.
C. The bylaws may contain any other lawful provisions which may be desired for the purpose of defining, limiting, and regulating the exercise of the authority of the association, directors, officers, or policyholders.
Acts 1958, No. 125; Redesignated from La. Rev. Stat. 22:338 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 503, §1.
NOTE: Former La. Rev. Stat. 22:198 redesignated as La. Rev. Stat. 22:1802 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.