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 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.
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