Cal. Ins. Code § 11016

Current through the 2024 Legislative Session.

Section 11016 - Operation for benefit of members and beneficiaries

A society shall operate for the benefit of its members and their beneficiaries by:

(a) Providing benefits under Section 11041, and

(b) Operating for one or more social, intellectual, educational, charitable, benevolent, moral, fraternal, patriotic, or religious purposes for the benefit of its members, and, if desired, for others. The society's purposes may be carried out directly by the society or indirectly through subsidiary or affiliated entities established in furtherance of the purposes of the society.

Any incorporated society authorized to transact business in this state on January 1, 1996, may thereafter exercise all the rights, powers, and privileges prescribed in this chapter and in its charter or articles of incorporation as far as consistent with this chapter. A domestic society shall not be required to reincorporate.

Ca. Ins. Code § 11016

Repealed and added by Stats. 1995, Ch. 166, Sec. 4. Effective January 1, 1996.