William Penn Life, 2016 (51. évfolyam, 1-12. szám)
2016 / Különszám
WILLIAM PENN ASSOCIATION BY-LAWS 3. Expulsion from membership. 4. If money is involved, setting the amount of restitution to be made. 5. With respect to any Director, National Officer, Branch Officer, or Committee member, suspension from office for a fixed period of time or permanent removal from office in appropriate cases. 6. Any penalty imposed upon a Member hereunder shall not be rescinded or reduced at any subsequent meeting of the Board or at any subsequent Regular or Special Session of the General Convention except by the affirmative vote of 80% of the members of the Board or 80% of the certified Delegates who are present and voting at the meeting, provided a quorum is present. ARTICLE 8 PROPERTY OF THE ASSOCIATION Section 801. All real and personal property and other assets, whether administered by the Association or the Branch or any other Affiliate, which are derived from the payment of membership dues, investment income, bequests, voluntary donations, revenue profits from performances and entertainments, or from any other source, shall constitute the property of the Association. Section 802. All property of the Association shall be administered in the name of the Association, both at the Home Office and at the Branches or other Affiliates. Section 803. The assets of the Association may be kept in one fund or in such funds as the Board shall prescribe or applicable laws shall require. ARTICLE 9 BENEFIT CONTRACTS. FUNDS AND APPORTIONMENT OF DEFICIENCY Section 901. The Board shall provide for benefit contracts to be issued, upon application and acceptance in a manner and upon such conditions as the Board may determine. Section 902. Benefit contracts may be issued on such basis, form and for such benefits and naming such persons as beneficiaries as the Board may direct. Section 903. In the event of the impairment of the solvency of the Association, an apportionment shall be charged against each outstanding benefit contract in the manner provided by state law on the basis of the Member's equitable share of the deficiency as determined by the Board. Section 904. a. All monies held by the Association, but not constituting the property of the Association, such as monies held for minor beneficiaries or for unknown beneficiaries, shall be maintained in the Trust Account of the Association. b. On all such Trust Accounts for minor beneficiaries, the Association shall credit interest at a rate determined by the Board, but at a rate no less than one percent (1%) per annum. Section 905. Deposits held for unknown beneficiaries, if not claimed and if proof of the rightful beneficiary is not made within two (2) years after the death of the Member, shall revert to the Trust Accounts of the Association, subject to applicable law relating to unclaimed property. Section 906. Subject to applicable law relating to unclaimed property, Trust Accounts shall be payable, without interest, to the rightful owners whenever proper proofs are presented. Trust Accounts shall be handled by the National Vice President-Secretary. Section 907. These By-Law provisions will not be applicable in any state where statutory requirements conflict with the By-Law provisions or where the applicable Trust Account becomes subject to the custody or control of such state. ARTICLE 10 ADDITIONAL PROVISIONS APPLICABLE TO BENEFIT CONTRACTS Section 1001. The benefit contract of a Member shall consist of the membership application, the Benefit Certificate, any amendments or riders thereto, and the Charter and By-Laws now or hereafter in force. Section 1002. The benefit contract shall also be governed by applicable Federal or state law and by the following specific provisions, unless such contract provides otherwise or unless such provisions are prohibited by Federal or state law: a. Upon disaffirmance of a benefit contract by a minor, only the cash surrender value of the contract shall be payable, and tender of such sum shall be a complete discharge of all liability on such contract. b. Payment of any claim under a benefit contract pursuant to the contract or any assignment thereof without notice to the Association of any alleged conflicting claimant shall be a complete discharge of the obligation for such claim on the contract or assignment. c. In case a benefit contract is lost, destroyed or beyond the Member's control, such Member may, on a form furnished by the Association, have a substitute contract or other evidence of coverage issued in its place. No requested change from the original contract shall be effective until the date of issuance of the substitute contract, and, upon issuance of the substitute contract, the original contract shall thereupon become void. ARTICLE 11 BENEFIT CERTIFICATES When a Benefit Certificate as defined herein does not provide otherwise or unless prohibited by law of the state having jurisdiction, the contract, whether issued before or after the date of these amended By-Laws, shall be governed by the following specific provisions: Section 1101. BENEFICIARIES a. Every Member shall have the right to designate a beneficiary. Except in states specifically naming or excluding beneficiaries by statute, any person or entity may be designated as beneficiary. b. If a beneficiary is named contrary to the laws of the state in which the Member resides, the designation becomes null and void and the share of such persons desig-34 0 Special Convention Edition 0 January 2016 0 William Penn Life
