2013 New Jersey Revised Statutes
Title 17 - CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE
Section 17:44B-6 - Specification of eligibility, admission, rights, etc.
17:44B-6 Specification of eligibility, admission, rights, etc.
6. a. A society shall specify in its laws or rules:
(1) eligibility standards for each and every class of membership, provided that if benefits are provided on the lives of minors, the minimum age for adult membership shall be set at not less than age 15 and not greater than age 21;
(2) the process for admission to membership for each membership class; and
(3) the rights and privileges of each membership class, provided that only benefit members shall have the right to vote on the management of the insurance affairs of the society.
b.A society may also admit social members who shall have no voice or vote in the management of the insurance affairs of the society.
c.Membership rights in the society are personal to the member and are not assignable.
L.1997,c.322,s.6.
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