2020 New Mexico Statutes
Chapter 59A - Insurance Code
Article 44 - Fraternal Benefit Societies
Section 59A-44-5 - Purposes and powers.
A. A society shall operate for the benefit of members and their beneficiaries by:
(1) providing benefits as specified in Section 59A-44-16 NMSA 1978; and
(2) lawfully operating for one or more social, intellectual, educational, charitable, benevolent, moral, fraternal, patriotic or religious purposes for the benefit of its members, which may also be extended to member dependents.
Such purposes may be carried out directly by the society, or indirectly through subsidiary corporations or affiliated organizations.
B. Every society shall have the power to adopt laws and rules for the government of the society, the admission of its members and the management of its affairs. It shall have the power to change, alter, add to or amend such laws and rules and shall have other powers as are necessary and incidental to carrying into effect the objects and purposes of the society.
History: 1978 Comp., § 59A-44-5, enacted by Laws 1989, ch. 388, § 5.
ANNOTATIONSRepeals and reenactments. — Laws 1989, ch. 388, § 5, repealed 59A-44-5 NMSA 1978, as enacted by Laws 1984, ch. 127, § 790, relating to retention of corporate powers, and enacted a new section, effective January 1, 1990.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 36 Am. Jur. 2d Fraternal Orders and Benefit Societies § 9.
