§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 payments
received for account of death benefit, accident and health or sickness, or
other benefit funds, during the period of organization of a society, shall not
be used for the payment of any expenses of the society, but shall be placed on
deposit 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.  In
case the organization of the society is not completed within one year, the
funds shall be returned to the applicants or members who made payments of the
respective amounts.  If, however, the organization is completed and the
commissioner issues a certificate of compliance with the law, the funds so
deposited in trust, together with interest, if any, shall be released by the
commissioner in favor of the society. [L 1987, c 347, pt of §2; am L 2004, c
122, §87]