(a) The total expenses of a benevolent association during a calendar year may not exceed the larger of:
(1) 10 percent of the total amount received during the year, whether as assessments, dues, donations or by whatever name called, except fees collected for new memberships; or
(2) $15 per death loss incurred during the year.
(b) The association may, instead of providing for expenses as in (a) of this section, assess each of its members for expenses at an amount not to exceed $3 a calendar year, except that the assessment may not exceed $4 a year if a membership certificate includes within its protection a family group consisting of two or more persons. The proceeds of the assessments shall be placed in an expense fund out of which all of the expenses of the association for the year shall be paid. The association shall show the condition of the expense fund in its annual statement.
(c) The association shall state in its annual statement whether the expenses to be shown in its next annual statement will be determined as in (a) of this section or whether the members will be assessed for the same as in (b) of this section. An association may not use both methods or a combination of both methods.
Section: Previous 21.72.020 21.72.030 21.72.040 21.72.050 21.72.060 21.72.070 21.72.080 21.72.090 21.72.100 21.72.110 21.72.120 21.72.125 21.72.130 21.72.140 21.72.150 NextLast modified: November 15, 2016