40-752.Holding of assets; creation of special funds; establishment ofseparate accounts; issuance of contracts on variable basis.(a) All assets shall be held, invested and disbursed for theuse and benefit of the society, and no member or beneficiary shall have oracquire individual rights therein or become entitled to any apportionmenton the surrender of any part thereof except as provided in the benefit contract.
(b) A society may create, maintain, invest, disburse and apply anyspecial fund or funds necessary to carry out any purpose permitted by thelaws 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 ona variable basis, subject to the provisions of law regulating life insurersestablishing such accounts and issuing such contracts. To the extent thesociety deems it necessary in order to comply with any applicable federalor state laws, or any rules issued thereunder, the society may adoptspecial procedures for the conduct of the business and affairs of aseparate account, may, for persons having beneficial interests therein,provide special voting and other rights, including without limitationspecial rights and procedures relating to investment policy, investmentadvisory services, selection of certified public accountants, and selectionof a committee to manage the business and affairs of the account, and mayissue contracts on a variable basis to which subsections (b) and (d) ofK.S.A. 40-749 shall not apply.
40-752.Holding of assets; creation of special funds; establishment ofseparate accounts; issuance of contracts on variable basis.(a) All assets shall be held, invested and disbursed for theuse and benefit of the society, and no member or beneficiary shall have oracquire individual rights therein or become entitled to any apportionmenton the surrender of any part thereof except as provided in the benefit contract.
(b) A society may create, maintain, invest, disburse and apply anyspecial fund or funds necessary to carry out any purpose permitted by thelaws 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 ona variable basis, subject to the provisions of law regulating life insurersestablishing such accounts and issuing such contracts. To the extent thesociety deems it necessary in order to comply with any applicable federalor state laws, or any rules issued thereunder, the society may adoptspecial procedures for the conduct of the business and affairs of aseparate account, may, for persons having beneficial interests therein,provide special voting and other rights, including without limitationspecial rights and procedures relating to investment policy, investmentadvisory services, selection of certified public accountants, and selectionof a committee to manage the business and affairs of the account, and mayissue contracts on a variable basis to which subsections (b) and (d) ofK.S.A. 40-749 shall not apply.
40-752.Holding of assets; creation of special funds; establishment ofseparate accounts; issuance of contracts on variable basis.(a) All assets shall be held, invested and disbursed for theuse and benefit of the society, and no member or beneficiary shall have oracquire individual rights therein or become entitled to any apportionmenton the surrender of any part thereof except as provided in the benefit contract.
(b) A society may create, maintain, invest, disburse and apply anyspecial fund or funds necessary to carry out any purpose permitted by thelaws 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 ona variable basis, subject to the provisions of law regulating life insurersestablishing such accounts and issuing such contracts. To the extent thesociety deems it necessary in order to comply with any applicable federalor state laws, or any rules issued thereunder, the society may adoptspecial procedures for the conduct of the business and affairs of aseparate account, may, for persons having beneficial interests therein,provide special voting and other rights, including without limitationspecial rights and procedures relating to investment policy, investmentadvisory services, selection of certified public accountants, and selectionof a committee to manage the business and affairs of the account, and mayissue contracts on a variable basis to which subsections (b) and (d) ofK.S.A. 40-749 shall not apply.
