Fraternal Benefit Society Defined

Sec. 885.051. FRATERNAL BENEFIT SOCIETY DEFINED. A corporation, society, order, or voluntary association is a fraternal benefit society if it: (1) has a lodge system and a representative form of government or limits its membership to a secret fraternity that has a lodge system and a representative form of government; (2) is organized and operated solely for the mutual benefit of its members and their beneficiaries and not for profit; (3) does not have capital stock; and (4) provides for the payment of benefits in accordance with Section 885.301. Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.