(a) It shall be lawful for a society to create, maintain, and operate charitable, benevolent, or educational institutions for the benefit of its members and their families and dependents and for the benefit of children insured by the society. For that purpose, it may own, hold, or lease personal property or real property located within or outside this State, with necessary buildings thereon. The property shall be reported in every annual statement but shall not be allowed as an admitted asset of the society.

(b) Maintenance, treatment, and proper attendance in any such institution may be furnished free or a reasonable charge may be made therefor, but no such institution shall be operated for profit. The society shall maintain a separate accounting of any income and disbursements under this section and report them in its annual statement. No society shall own or operate funeral homes or undertaking establishments. (1959, No. 197, § 12, eff. Nov. 22, 1959.)