Massachusetts General Laws ch. 176P sec. 23 – Payment of death, endowment or annuity benefits upon lives of children less than 18 years of age
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Section 23. A society operating on the lodge system may provide in its constitution and by-laws, in addition to other benefits provided for therein, for the payment of death, endowment or annuity benefits upon the lives of children less than 18 years of age, and may loan upon the security of the value of certificates of such benefits a sum not exceeding the legal reserve which it is required to maintain thereon. Any such society may at its option organize and operate branches for such children, and membership in local lodges and initiation therein shall not be required for such children, nor shall they have any voice in the management of the society.
Terms Used In Massachusetts General Laws ch. 176P sec. 23
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.