(a) All assets shall be held, invested, and disbursed for the use and benefit of the society, and no member or beneficiary shall have or acquire individual rights therein or become entitled to any apportionment on the surrender of any part thereof, except as provided in the benefit contract.
(b) A society may create, maintain, invest, disburse, and apply any special fund or funds necessary to carry out any purpose permitted by the laws of the society.
(c) (1) Pursuant to resolution of its supreme governing body, a society may establish and operate one (1) or more separate accounts and issue contracts on a variable basis, subject to the provisions of law regulating life insurers establishing such accounts and issuing such contracts as provided in § 23-81-401 et seq.
(2) To the extent the society deems it necessary in order to comply with any applicable federal or state laws, or any rules issued thereunder, the society may:
(A) Adopt special procedures for the conduct of the business and affairs of a separate account;
(B) For persons having beneficial interests therein, provide special voting and other rights, including, without limitation, 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
(C) Issue contracts on a variable basis to which § 23-74-404(b) and (d) shall not apply.
Section: 23-74-502 23-74-503 23-74-504 NextLast modified: November 15, 2016