Section 15: Benefits other than insurance benefits
135 words·~1 min read·
/ma/part-i/title-xxii/chapter-176/15·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 15. A society may pay benefits, other than insurance benefits, to its members from any special account or fund maintained for such purpose; provided, that if such benefits are of such a nature that they could constitute benefits within the classes of insurance set forth in section seventeen, a society making such payments may not—
(a)Make any separate charge therefor;
(b)Issue any certificate, policy or other document promising such payments;
(c)Provide in its constitution, laws or any other document that such payments may be received by the member as a matter of right; or
(d)Advertise such payments as insurance or as payments to which the member has any right.
The society shall maintain a separate accounting of all disbursements made under this section and report them in its annual statement.