Massachusetts General Laws ch. 176P sec. 17 – Societies maintaining surplus of assets at required level may waive collection of regular mortuary contributions from members
Section 17. Whenever it appears by a valuation certified to by a competent actuary that the actual assets of a society exceed its liabilities, including in such liabilities the tabular reserves computed on the basis specified in section 16, by an amount equal to 5 per cent of such reserves, increased by an amount equal to all its other mortuary liabilities, it may, by vote of its officers having the powers of directors, and for such period as its assets are maintained at the levels set forth in this section, waive the further collection of the regular mortuary contributions from its members. A society maintaining a surplus of assets in excess of such amount as enables it to waive contributions under this section may pay to its several members an equitable portion of such surplus in such manner as may be determined by vote of such officers.
Terms Used In Massachusetts General Laws ch. 176P sec. 17
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.