(a) All assets shall be held, invested, and disbursed for the use and benefit of the society, and a member or beneficiary may not have or acquire individual rights or become entitled to an apportionment or the surrender of a part of the assets, except as provided in the benefit contract.
(b) A society may create, maintain, invest, disburse, and apply special funds necessary to carry out a purpose permitted by the laws of the society.
(c) [Repealed, Sec. 36 ch 96 SLA 1997].
(d) A society may, under a resolution of its supreme governing body, establish and operate one or more separate accounts and issue contracts on a variable basis, subject to laws regulating life and health insurers establishing those accounts and issuing those contracts. To the extent the society considers it necessary in order to comply with applicable federal or state law, or any rule made under applicable federal or state law, the society may
(1) adopt special procedures for the conduct of the business and affairs of a separate account;
(2) for persons having beneficial interests in the account, provide special voting and other rights, including special rights and procedures relating to investment policy, investment advisory services, selection of certified public accountants, and selection of a committee to manage the business and affairs of the account; and
(3) issue contracts on a variable basis to which AS 21.84.255 (b) and (d) do not apply.
Section: Previous 21.84.275 21.84.280 21.84.290 21.84.300 21.84.320 21.84.330 21.84.335 21.84.340 21.84.400 NextLast modified: November 15, 2016