(215 ILCS 5/346)
(from Ch. 73, par. 958)
Benefit account and expense account.
(1) All burial societies shall charge a premium or levy an
assessment to be paid by the members. Unless the society
maintains reserves meeting the standards of Article XIV on its benefit
certificates, the society shall not use more
than sixty-five per centum of such premium or assessment for the purpose
of paying commissions, salaries and other expenses of operation, and the
surplus and legal reserves shall constitute the benefit account of
the society and shall be
retained in cash or be invested in accordance with Article VIII.
(2) No society shall invest in or loan upon any bond or note secured
by mortgage or trust deed on real estate if an officer or director of
such society has any financial interest in the real estate upon which
the loan is made.
(Source: P.A. 86-753.)