Oklahoma § 8-230 - Effective date - Exemption of certain existing associations

§ 8-230. Effective date - Exemption of certain existing associations

- Bond of Treasurer.

The operative date of this Act shall be June 1, 1953. Provided

that the provisions of this Act shall not apply to an association

which has been issuing the individual certificate, and individual

certificate only, prior to January 1, 1943, and which organization

was organized pursuant to the provisions of Section 10453, Oklahoma

Statutes, 1931, and any such association now operating, which is

nonprofit-sharing in its operation and pays no fees or salaries to

any of their officers and have no capital stock and provides a

burial out-fit and burial, the total value of which shall not exceed

Two Hundred Dollars ($200.00) to those entitled thereto under the

said certificate, and which associations do not make an assessment

against their members until and unless the fund on hand derived from

membership fees or assessments in the treasury of said association

would only pay for the burial of six adults entitled to a burial by

said association, shall be exempt from the operations and effect of

the Insurance Laws of the State of Oklahoma, and shall not be

required to comply with the Insurance laws of said state; provided

that the money collected by such association or associations shall

be held as a trust fund for the benefit of the beneficiaries and

that at least seventy-five percent (75%) of the membership fees

collected from the memberships shall be accounted for and paid into

Oklahoma Statutes - Title 8. Cemeteries

this fund, and that all of any future assessments or memberships

shall be paid into this fund.

That the treasurer of said association be required to file with

the court clerk of the county in which the association is organized

a surety bond running in the name of "The State of Oklahoma;" said

bond to be approved by the court clerk of said county, and to be

conditioned that the funds of the association will be held and

applied as a trust fund to be paid out only in accordance with the

purposes of the association, which bond shall at all times equal the

amount of the trust fund on hand in such association, and in no

event to be less than Two Thousand Dollars ($2,000.00).

Laws 1953, p. 137, § 32.