(a) All masonic lodges which hold real estate to the value of ten thousand dollars ($10,000) or more have the power to issue coupon bonds from time to time to an amount not exceeding a total of forty thousand dollars ($40,000), bearing six percent (6%) interest per annum, payable semiannually, for the purpose of erecting a building or hall upon same.
(b) The coupon bonds may be issued in sums of twenty-five dollars ($25.00), fifty dollars ($50.00), one hundred dollars ($100), five hundred dollars ($500), and one thousand dollars ($1,000), as may be desired.
(c) The coupon bonds shall not have more than twenty (20) years in which to mature, and may be taken up by the lodge at any time after five (5) years from their issuance.
(d) Any masonic lodge which shall issue coupon bonds under this section may execute a mortgage upon its real estate to secure the payment of the bonds and coupons.
(e) The worshipful master and wardens or other proper officers of the lodge have the power to issue the bonds and coupons and execute the mortgage provided for in this section whenever they have been instructed by a meeting of their lodge to do so.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.