Section 4507. Juvenile members

(a) An authorized society may admit to adult
  insurance  membership  any  person not less than fifteen years of age at
  nearest birthday. Any person so admitted prior to attaining the full age
  of eighteen years  shall  be  deemed  competent  to  contract  for  life
  insurance benefits, and to exercise and enjoy every right, privilege and
  benefit  provided  by any life insurance certificate on the life of such
  minor subject to the limitations contained in section four thousand five
  hundred eight of this article as to the designation of beneficiary.
    (b) Any such society may provide in its constitution  or  by-laws  for
  the  admission,  as  juvenile  insurance  members, of children less than
  eighteen years of age at nearest birthday. They shall have no  voice  or
  vote  in  the  management  of the insurance affairs of the society. Life
  insurance benefits may be  made  payable  upon  the  lives  of  juvenile
  members,  upon  the application of some adult person, in accordance with
  the by-laws, rules or regulations of such society, and in amounts  which
  shall  not  exceed  the  limits  specified in section three thousand two
  hundred seven of this chapter.
    (c) Juvenile members insured under  certificates  issued  pursuant  to
  this  section, if eligible for adult membership, shall be transferred to
  and become members of the adult branch of the society upon attaining the
  minimum age for adult membership under the laws  of  the  society.  Upon
  such transfers made pursuant hereto, the mortuary reserve funds accruing
  against  such  certificates  and an equitable share of any surplus funds
  pertaining thereto shall likewise be transferred to the  adult  mortuary
  fund.
    (d)  Any  such  society  may  provide  in  its  by-laws  that mortuary
  payments,  meaning  that  portion  of  contributions  allocated  to  the
  mortuary  fund  and to reserves on outstanding contracts, received under
  new certificates issued on or  after  January  first,  nineteen  hundred
  thirty-nine, covering the lives of juvenile members, may be mingled with
  the  mortuary  or reserve funds held on classes of adult certificates on
  which adequate reserves are maintained not lower than those required  by
  the  minimum standards of valuation prescribed by this article for adult
  certificates  issued  on  or  after  January  first,  nineteen   hundred
  thirty-nine.  Except  as hereinbefore provided, every such society shall
  maintain the mortuary and reserve funds on insurance  on  the  lives  of
  juvenile  members and the accretions thereto, separate and distinct from
  all other funds of the society, and the same shall be held  as  a  trust
  fund  available  exclusively  for  the  payment  of  benefits under such
  contracts.
    (e) Any such society  insuring  the  lives  of  juvenile  members  may
  provide  in its by-laws, rules and regulations for payment on account of
  the society's juvenile expense fund,  and  that  such  payments  may  be
  mingled with the general expense funds of the society.