N.Y. Insurance Law § 4529: Subsidiaries authorized

§ 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.