2011 Vermont Code
Title 08 Banking and Insurance
Chapter 121 FRATERNAL BENEFIT SOCIETIES
§ 4472 Institutions
§ 4472. Institutions
(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 without 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.)
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