§ 4507. Juvenile members. (a) An authorized society may admit to adult insurance membership any person not less than fifteen years of age at nearest birthday. Any person so admitted prior to attaining the full age of eighteen years shall be deemed competent to contract for life insurance benefits, and to exercise and enjoy every right, privilege and benefit provided by any life insurance certificate on the life of such minor subject to the limitations contained in section four thousand five hundred eight of this article as to the designation of beneficiary.

(b) Any such society may provide in its constitution or by-laws for the admission, as juvenile insurance members, of children less than eighteen years of age at nearest birthday. They shall have no voice or vote in the management of the insurance affairs of the society. Life insurance benefits may be made payable upon the lives of juvenile members, upon the application of some adult person, in accordance with the by-laws, rules or regulations of such society, and in amounts which shall not exceed the limits specified in section three thousand two hundred seven of this chapter.

(c) Juvenile members insured under certificates issued pursuant to this section, if eligible for adult membership, shall be transferred to and become members of the adult branch of the society upon attaining the minimum age for adult membership under the laws of the society. Upon such transfers made pursuant hereto, the mortuary reserve funds accruing against such certificates and an equitable share of any surplus funds pertaining thereto shall likewise be transferred to the adult mortuary fund.

(d) Any such society may provide in its by-laws that mortuary payments, meaning that portion of contributions allocated to the mortuary fund and to reserves on outstanding contracts, received under new certificates issued on or after January first, nineteen hundred thirty-nine, covering the lives of juvenile members, may be mingled with the mortuary or reserve funds held on classes of adult certificates on which adequate reserves are maintained not lower than those required by the minimum standards of valuation prescribed by this article for adult certificates issued on or after January first, nineteen hundred thirty-nine. Except as hereinbefore provided, every such society shall maintain the mortuary and reserve funds on insurance on the lives of juvenile members and the accretions thereto, separate and distinct from all other funds of the society, and the same shall be held as a trust fund available exclusively for the payment of benefits under such contracts.

(e) Any such society insuring the lives of juvenile members may provide in its by-laws, rules and regulations for payment on account of the society's juvenile expense fund, and that such payments may be mingled with the general expense funds of the society.