§ 4529. Subsidiaries authorized. (a) A domestic fraternal benefit
society may invest in subsidiaries as authorized in article seventeen of
this chapter for domestic life insurance companies, provided such
society meets the requirements of subsection (b) of section forty-five
hundred twenty-seven or section four thousand five hundred thirty of
this article.

(b) A domestic fraternal benefit society may create, maintain and
operate, or may establish organizations to operate, not-for-profit
institutions to provide one or more social, intellectual, educational,
charitable, benevolent, moral, fraternal, patriotic or religious
benefits to members. Such institutions may furnish services free or at a
reasonable charge. Any real or personal property owned, held or leased
by the society for this purpose shall be reported in the society's
annual statement.