§432:1-202  Constitution and bylaws;officers; government of society.  (a)  Mutual benefit societies promisingor offering to pay death, sick, disability, or other benefits in an amountequal to or in excess of $25 shall, subject to the approval of the commissioner,have the power to make a constitution and bylaws for the government of thesociety, the admission of its members, the management of its affairs, and thefixing and readjusting of the rates of contribution of its members.  Thesocieties shall have the power to amend the constitution and bylaws and suchother powers as are necessary to carry into effect the object and purpose ofthe society, but shall not suspend temporarily any part of its constitution orbylaws as the same are governed by this article.

(b)  Each mutual benefit society shall elect orotherwise appoint among its officers a president and a treasurer, who shall beresidents of the State.

(c)  After the organization of a society iscompleted and a certificate of compliance with law is granted by thecommissioner, the society shall be governed by its administrative board or bodyin accordance with its constitution and bylaws.

(d)  Upon compliance with this article anysociety engaged in transacting business or operating in this State may exerciseall of the rights conferred by this article, and all of the rights, powers andprivileges possessed by it under its constitution and bylaws, rules andregulations, or articles of incorporation or charter not inconsistent with thisarticle. [L 1987, c 347, pt of §2]