Section 1. In this chapter, the following words shall have the following meanings:—
“Commissioner”, the commissioner of insurance.
“Fraternal benefit society”, an incorporated society, order or supreme lodge, without capital stock, conducted solely for the benefit of its members and their beneficiaries, and not for profit, operated on a lodge system with a ritualistic form of work, having a representative form of government, and which makes provision for the payment of benefits in accordance with chapter 176. Fraternal benefit societies shall be governed by said chapter 176 and shall not be subject to this chapter.
“Limited society or society”, a domestic society or association that meets the requirements of section 45 or section 46 of chapter 176 as in full force and effect immediately preceding August 15, 1958 and codified in this chapter. Limited societies shall not include any society defined in section 1 of said chapter 176. Limited societies shall be governed by this chapter and shall not be subject to said chapter 176 as modified, amended or added after August 15, 1958.