§ 10-14-502 — Funds

(1) All assets shall be held, invested, and disbursed for
the use and benefit of the society, and 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.

(2) A society may create, maintain, invest, disburse, and apply any special
fund or funds necessary to carry out any purpose permitted by the governing
documents of such society.

(3) A society may, pursuant to resolution of its supreme governing body and
with prior written approval of the commissioner, establish and operate one or more
separate accounts and issue contracts on a variable basis, subject to the statutory
provisions and regulations regarding life insurers establishing such accounts and
issuing such contracts. To the extent the society deems it necessary to comply with
any applicable federal or state statutes, or any rules issued pursuant thereto, the
society may:

(a) Adopt special procedures for the conduct of the business and affairs of a
separate account;

(b) Provide, for persons having beneficial interests therein, 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

(c) Issue contracts on a variable basis to which section 10-14-404 (2) and (4)
shall not apply.

Legislative History

Source: L. 93: Entire article amended with relocations, p. 602, � 1, effective July 1.