512B.7 Qualifications for membership.
1. In its laws or regulations, a society shall at minimum specify all of the following:
a. Eligibility standards for each membership class. If benefits are provided on the lives of children, the minimum age for adult membership shall be set at not less than age fifteen and not greater than age twenty-one.
b. The process for admission to membership for each membership class.
c. The rights and privileges of each membership class. Only benefit members shall have the right to vote on the management of the insurance affairs of the society.
2. A society may also admit social members. A social member shall have no voice or vote in the management of the insurance affairs of the society.
3. Membership rights in a society are personal to the member and are not assignable.
90 Acts, ch 1148, §7