What is BENEFIT SOCIETIES?

Under this and several similar names, in various states, corporations exist to receive periodical payments from members, and hold them as a fund to be loaned or given to members needing pecuniary relief. Such are beneficial societies of Maryland, fund associations of Missouri, loan and fund associations of Massachusetts. mechanics’ associations of Michigan, protection societies of New Jersey. Friendly societies in Great Britain are a still more extensive and important species belonging to this class. Comm. v. Equitable Ben. Ass’n. 137 Pa. 412, 18 Atl. 1112; Com. v. Aid Ass’n, 94 Pa. 489.

More On This Topic



Link to This Definition
Did you find this definition of BENEFIT SOCIETIES helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary