§432:1-202  Constitution and bylaws;
officers; government of society.  (a)  Mutual benefit societies promising
or offering to pay death, sick, disability, or other benefits in an amount
equal 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 the
society, the admission of its members, the management of its affairs, and the
fixing and readjusting of the rates of contribution of its members.  The
societies shall have the power to amend the constitution and bylaws and such
other powers as are necessary to carry into effect the object and purpose of
the society, but shall not suspend temporarily any part of its constitution or
bylaws as the same are governed by this article.



(b)  Each mutual benefit society shall elect or
otherwise appoint among its officers a president and a treasurer, who shall be
residents of the State.



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



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