§432:2-502  Funds.  (a)  All assetsshall be held, invested and disbursed for the use and benefit of the society. No member or beneficiary shall have or acquire individual rights therein orbecome 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 purposepermitted by the laws of such society.

(c)  A society may, pursuant to resolution ofits supreme governing body, establish and operate one or more separate accountsand issue contracts on a variable basis, subject to the provisions of lawregulating life insurers establishing such accounts and issuing suchcontracts.  To the extent the society deems it necessary in order to complywith any applicable federal or state laws, or any rules issued thereunder, thesociety may adopt special procedures for the conduct of the business andaffairs of a separate account, may, for persons having beneficial intereststherein, provide special voting and other rights, including without limitationspecial rights and procedures relating to investment policy, investmentadvisory services, selection of certified public accountants, and selection of acommittee to manage the business and affairs of the account, and may issuecontracts on a variable basis to which section 432:2-404(b) and section432:2-404(d) shall not apply. [L 1987, c 347, pt of §2]