Section 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.