2006 Louisiana Laws - RS 22:332 — Incorporation and qualification of incorporators

§332.  Incorporation and qualification of incorporators

Five or more natural persons residents of this state of full age, or fully relieved by emancipation of all disabilities attaching to minority, may form a non-profit corporation, under the provisions of this Part, having for its purpose the establishing, maintaining, and operating of a non-profit funeral service plan.  

No such insurer, however, may be organized and no alien or foreign insurer may be qualified hereunder to do business in this state after 12:00 noon of August 1, 1956.  

All associations now operating and authorized under this Part, as of 12:00 noon, August 1, 1956, to do business in this state, may continue to operate, provided that, from and after December 31, 1956, all policies issued by such insurers and the income therefrom and investment thereof, shall be subject to and in accordance with the laws and regulations of this state relative to industrial life insurance, and especially subject to the provisions of this Code relative to domestic industrial insurers, and shall be authorized to issue only funeral benefit policies in amounts not exceeding an aggregate of $500.00 (including the amount of any existing assessment policies) on any single life, with no multiple indemnity benefits.  The operation of all present insurers shall be governed by the provisions of this Part, and by all the applicable provisions of this Code.  

Acts 1958, No. 125.