38.2-3805 - General powers of company; limitation on increase in rates. - Virginia Statutes

§ 38.2-3805. General powers of company; limitation on increase in rates.

Each company shall make a constitution, laws or bylaws for its government,the admission of its members, the management of its affairs and the fixingand readjustment of the rates of contribution of its members. It may change,add to, or amend the constitution, laws or bylaws and shall have the otherpowers necessary and incidental to effect the objects and purposes of thecompany. It may make refunds to its members from any surplus funds of thecompany, but it may only increase rates or make extra assessments againstmembers whose contracts include provisions for rate increases and extraassessments.

(Code 1950, § 38-478; 1952, c. 317, § 38.1-503; 1986, c. 562.)