§432:2-502  Funds.  (a)  All assets
shall be held, invested and disbursed for the use and benefit of the society. 
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 such society.



(c)  A society may, pursuant to resolution of
its supreme governing body, establish and operate one 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.  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 adopt special procedures for the conduct of the business and
affairs of a separate account, may, 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 may issue
contracts on a variable basis to which section 432:2-404(b) and section
432:2-404(d) shall not apply. [L 1987, c 347, pt of §2]