§432:1-304  Authority to offer death, sick,disability, or other benefits; special deposit and control of certain funds. Except as provided in this section and section 432:1-305, all regular paymentsreceived for account of death benefit, accident and health or sickness, orother benefit funds, during the period of organization of a society, shall notbe used for the payment of any expenses of the society, but shall be placed ondeposit or in trust in some bank or trust company approved by the commissioner,payable to the society but under the joint control with the commissioner.  Incase the organization of the society is not completed within one year, thefunds shall be returned to the applicants or members who made payments of therespective amounts.  If, however, the organization is completed and thecommissioner issues a certificate of compliance with the law, the funds sodeposited in trust, together with interest, if any, shall be released by thecommissioner in favor of the society. [L 1987, c 347, pt of §2; am L 2004, c122, §87]