§432:1-103  Applicability of thisarticle to existing societies and union mutual benefit societies.  (a) None of the provisions of this article shall apply to, or in any way be held toaffect, mutual benefit and fraternal societies which have been in existence andfunctioning within the State continuously for ten years prior to May 8, 1937.

(b)  The provisions of this article shall applyto labor union mutual benefit societies, which are also regulated by Public Law85-836, but the commissioner may waive any of the specific requirements of thisarticle if the commissioner is satisfied that the labor union members and theirdependents belonging to the mutual benefit society will not be adverselyaffected by the waiver.  Each labor union mutual benefit society shall filewith the commissioner annually a copy of the report filed under Public Law85-836 and a complete financial report prepared by a certified publicaccountant. [L 1987, c 347, pt of §2]