§ 27-25-22 Funds. – (a) All assets shall be held, invested, and disbursed for the use and benefitof the society, and no member or beneficiary shall have or acquire individualrights in the assets or become entitled to any apportionment on the surrenderof any part of them, except as provided in the benefit contract.
(b) A society may create, maintain, invest, disburse, andapply any special fund or funds necessary to carry out any purpose permitted bythe laws of the society.
(c) A society may, pursuant to resolution of its supremegoverning body, establish and operate one or more separate accounts and issuecontracts on a variable basis, subject to the provisions of law regulating lifeinsurers establishing those accounts and issuing those contracts. To the extentthe society deems it necessary in order to comply with any applicable federalor state laws, or any rules issued under applicable federal or state laws, thesociety may:
(1) Adopt special procedures for the conduct of the businessand affairs of a separate account,
(2) For persons having beneficial interests in a separateaccount, 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 ofa committee to manage the business and affairs of the account, and
(3) Issue contracts on a variable basis to which §27-25-19(b) and (d) shall not apply.
§ 27-25-22 Funds. – (a) All assets shall be held, invested, and disbursed for the use and benefitof the society, and no member or beneficiary shall have or acquire individualrights in the assets or become entitled to any apportionment on the surrenderof any part of them, except as provided in the benefit contract.
(b) A society may create, maintain, invest, disburse, andapply any special fund or funds necessary to carry out any purpose permitted bythe laws of the society.
(c) A society may, pursuant to resolution of its supremegoverning body, establish and operate one or more separate accounts and issuecontracts on a variable basis, subject to the provisions of law regulating lifeinsurers establishing those accounts and issuing those contracts. To the extentthe society deems it necessary in order to comply with any applicable federalor state laws, or any rules issued under applicable federal or state laws, thesociety may:
(1) Adopt special procedures for the conduct of the businessand affairs of a separate account,
(2) For persons having beneficial interests in a separateaccount, 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 ofa committee to manage the business and affairs of the account, and
(3) Issue contracts on a variable basis to which §27-25-19(b) and (d) shall not apply.
§ 27-25-22 Funds. – (a) All assets shall be held, invested, and disbursed for the use and benefitof the society, and no member or beneficiary shall have or acquire individualrights in the assets or become entitled to any apportionment on the surrenderof any part of them, except as provided in the benefit contract.
(b) A society may create, maintain, invest, disburse, andapply any special fund or funds necessary to carry out any purpose permitted bythe laws of the society.
(c) A society may, pursuant to resolution of its supremegoverning body, establish and operate one or more separate accounts and issuecontracts on a variable basis, subject to the provisions of law regulating lifeinsurers establishing those accounts and issuing those contracts. To the extentthe society deems it necessary in order to comply with any applicable federalor state laws, or any rules issued under applicable federal or state laws, thesociety may:
(1) Adopt special procedures for the conduct of the businessand affairs of a separate account,
(2) For persons having beneficial interests in a separateaccount, 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 ofa committee to manage the business and affairs of the account, and
(3) Issue contracts on a variable basis to which §27-25-19(b) and (d) shall not apply.
