North Dakota Code 26.1-16-01 – Benevolent society defined
Current as of: 2023 | Check for updates
|
Other versions
A “benevolent society” is a domestic corporation, association, or society which operates on the voluntary assessment or contribution plan for the sole purpose of providing, through assessments of its members, for the payment of a death benefit to the beneficiary of a deceased member.
Terms Used In North Dakota Code 26.1-16-01
- 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.