§ 27-1-5-2 — Management of segregated investment account

Notwithstanding any other provisions of this
article, any company which has established or establishes on or after
March 8, 1935, a segregated investment account of assets as authorized
in Class 1(c) of section 1 of this chapter may provide that such
segregated investment account of assets shall be managed by a
committee, board, or similarly designated body, the members of which
need not be otherwise affiliated with such company or its board of
directors and the members of which may be elected solely by the
owners of the contracts issued and outstanding under such account, and
may further provide that each contract owner under such account shall
have the right, with respect to the election of members of such
committee, board, or body and with respect to other matters pertaining
only to such account, to vote a number of votes proportionate to the
value of the contract owner's interest in the account in the manner
provided by such rules as may be adopted by such committee, board,
or body.
Formerly: Acts 1935, c.162, s.59a; Acts 1967, c.127, s.6. As
amended by P.L.252-1985, SEC.13.