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mutual benefit association

mutual-benefit association. A fraternal or social organization that provides benefits for its members, usu. on an assessment basis. [Cases: Beneficial Associations 1; Insurance 1237. C.J.S. Beneficial Associations §§ 2–3.] “In the absence of … statutory definition, the question of the extent to which mutual benefit, fraternal beneficiary, and like associations or societies, are within the

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savings and loan association

savings-and-loan association. A financial institution — often organized and chartered like a bank — that primarily makes home-mortgage loans but also usu. maintains checking accounts and provides other banking services. — Often shortened to S & L. — Also termed loan association; thrift institution; thrift. Cf. BUILDING-AND-LOAN ASSOCIATION. [Cases: Building and Loan Associations 1, 24–40.

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guild

guild. 1. A group of persons sharing a common vocation who unite to regulate the affairs of their trade in order to protect and promote their common vocation; specif., a voluntary society or fraternity of persons employed in the same trade or craft, formed for the mutual benefit and protection of its members, who pay

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hazing

hazing, n. The practice of physically or emotionally abusing newcomers to an organization as a means of initiation. • In the early 19th century, hazing referred to beating. Hazing was a well-established custom in fraternities at Ivy League universities by the mid-19th century. (One college magazine referred to “the absurd and barbarous custom of hazing,

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friendly society

friendly society. In Britain, a voluntary association, supported by subscriptions or contributions, for the purpose of providing financial relief to ill members and to their widows and children upon death. • Friendly societies are regulated by statute. See benevolent association under ASSOCIATION. Cf. FRATERNAL BENEFIT ASSOCIATION.

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