1927_public laws_31_6
CHAPTER 30 AN ACT DEFINING CO-OPERATIVE NON-PROFIT LIFE BENEFIT ASSOCIATIONS WITH REPRESENTATIVE FORM OF GOVERNMENT, PROVIDING THE TERMS ON WHICH SUCH ASSOCIATIONS MAY DO BUSINESS IN THIS STATE, PROVIDING FOR THE RE-INCORPO- RATION OF SUCH FOREIGN ASSOCIATIONS, PRO- VIDING FOR THE TAXATION, SUITS AND SERVICE REGULATION AND CONTROL OF THE BUSINESS OF SUCH ASSOCIATIONS DOING BUSINESS IN THIS STATE AND PROVIDING THE CONDITIONS UNDER WHICH SUCH ASSOCIATIONS MAY BECOME LEGAL RESERVE LIFE INSURANCE COMPANIES. The General Assembly of North Carolina do enact:
All policies mutual and participating. All _ beneficiary certificates or policies issued by such association on said American Experience Table of Mortality with said interest assumption or any higher standard, shall be mutual and participating, and the association may provide for automatic paidup or extended insurance for an amount not to exceed the amount the reserve to the credit of such member will purchase in the event of suspension after said certificate shall have been in force for not less than two full years or more from date of issue, and shall carry such liability on its books.