§432:2-603  Annual license.  (a) Societies which are now authorized to transact business in this State maycontinue such business until May 1 next succeeding July 1, 1988.  The authorityof such societies and all societies hereafter licensed, may thereafter berenewed annually, but in all cases to terminate on the succeeding May 1. However, a license so issued shall continue in full force and effect until thenew license is issued or specifically refused.  For each such license orrenewal, the society shall pay the commissioner $7.50.  A duly certified copyor duplicate of such license shall be prima facie evidence that the licensee isa fraternal benefit society within the meaning of this article.

(b)  If the license fee is not paid by May 1,the fee shall be increased by a penalty in the amount of fifty per cent of thefee.  If the fee and the penalty are not paid within the thirty daysimmediately following the extension date, the commissioner may revoke thelicense until the fee and penalty have been paid. [L 1987, c 347, pt of §2; amL 1988, c 363, §2(7)]

 

Revision Note

 

  "July 1, 1988" substituted for "the effectivedate of this article".