(a) A society may provide for benefits on the lives of children under the minimum age for adult membership but not greater than 18 years of age at time of application therefor, upon the application of some adult person who has an insurable interest, as its laws or rules may provide, which benefits shall be in accordance with the provisions of subsection 4474(a) of this title. A society may, at its option, organize and operate branches for such children. Membership and initiation in local lodges shall not be required of such children, nor shall they have a voice in the management of the society.

(b) A society shall have power to provide for the designation and changing of designation of beneficiaries in the certificates providing for the benefits and to provide in all other respects for the regulation, government, and control of the certificates and all rights, obligations, and liabilities incident thereto and connected therewith. (1959, No. 197, § 15, eff. Nov. 22, 1959.)