(a) All assets shall beheld, invested and disbursed for the use and benefit of the society and nomember or beneficiary shall have or acquire individual rights therein or becomeentitled to any apportionment on the surrender of any part thereof, except asprovided in the benefit contract.
(b) A society maycreate, maintain, invest, disburse and apply any special fund or fundsnecessary 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 oneor more separate accounts and issue contracts on a variable basis, subject tothe provisions of law regulating life insurers establishing such accounts andissuing such contracts. To the extent the society deems it necessary in orderto comply with any applicable federal or State laws, or any rules issuedthereunder, the society may adopt special procedures for the conduct of thebusiness and affairs of a separate account, may, for persons having beneficialinterests therein, provide special voting and other rights, including withoutlimitation special rights and procedures relating to investment policy,investment advisory services, selection of certified public accountants, andselection of a committee to manage the business and affairs of the account, andmay issue contracts on a variable basis to which G.S. 58‑24‑90(b)and G.S. 58‑24‑90(d) shall not apply. (1987, c. 483, s. 2.)
(a) All assets shall beheld, invested and disbursed for the use and benefit of the society and nomember or beneficiary shall have or acquire individual rights therein or becomeentitled to any apportionment on the surrender of any part thereof, except asprovided in the benefit contract.
(b) A society maycreate, maintain, invest, disburse and apply any special fund or fundsnecessary 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 oneor more separate accounts and issue contracts on a variable basis, subject tothe provisions of law regulating life insurers establishing such accounts andissuing such contracts. To the extent the society deems it necessary in orderto comply with any applicable federal or State laws, or any rules issuedthereunder, the society may adopt special procedures for the conduct of thebusiness and affairs of a separate account, may, for persons having beneficialinterests therein, provide special voting and other rights, including withoutlimitation special rights and procedures relating to investment policy,investment advisory services, selection of certified public accountants, andselection of a committee to manage the business and affairs of the account, andmay issue contracts on a variable basis to which G.S. 58‑24‑90(b)and G.S. 58‑24‑90(d) shall not apply. (1987, c. 483, s. 2.)
(a) All assets shall beheld, invested and disbursed for the use and benefit of the society and nomember or beneficiary shall have or acquire individual rights therein or becomeentitled to any apportionment on the surrender of any part thereof, except asprovided in the benefit contract.
(b) A society maycreate, maintain, invest, disburse and apply any special fund or fundsnecessary 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 oneor more separate accounts and issue contracts on a variable basis, subject tothe provisions of law regulating life insurers establishing such accounts andissuing such contracts. To the extent the society deems it necessary in orderto comply with any applicable federal or State laws, or any rules issuedthereunder, the society may adopt special procedures for the conduct of thebusiness and affairs of a separate account, may, for persons having beneficialinterests therein, provide special voting and other rights, including withoutlimitation special rights and procedures relating to investment policy,investment advisory services, selection of certified public accountants, andselection of a committee to manage the business and affairs of the account, andmay issue contracts on a variable basis to which G.S. 58‑24‑90(b)and G.S. 58‑24‑90(d) shall not apply. (1987, c. 483, s. 2.)
