(A) A society shall operate for the benefit of members and their beneficiaries by:
(1) providing benefits as specified in Section 38-38-310; and
(2) operating for one or more social, intellectual, educational, charitable, benevolent, moral, fraternal, patriotic, or religious purposes for the benefit of its members, which also may be extended to others.
These purposes may be carried out directly by the society or indirectly through subsidiary corporations or affiliated organizations.
(B) Every society has the power to adopt bylaws and rules for the government of the society, the admission of its members, and the management of its affairs. It has the power to change, alter, add to, or amend the bylaws and rules and has other powers as are necessary and incidental to carrying into effect the objects and purposes of the society.
HISTORY: 2000 Act No. 259, Section 1.