§ 26.1-15.1-22 — Funds

North Dakota § 26.1-15.1-22

• Jurisdiction: North Dakota
• Title 26.1: Insurance
• Ch. 26.1-15.1: Fraternal Benefit Societies

Text

1. All assets must be held, invested, and disbursed for the use and benefit of the society
and no member or beneficiary has or acquires individual rights therein or becomes
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 laws of the society.
3. A society may, pursuant to resolution of its supreme governing body, establish and
operate one or more separate accounts and issue contracts on a variable basis,
subject to the provisions of law regulating life insurers establishing such accounts and
issuing such contracts. To the extent the society determines it to be necessary in order
to comply with any applicable federal or state laws or rules, the society may adopt
special procedures for the conduct of the business and affairs of a separate account,
may provide special voting and other rights for persons having beneficial interests in
those accounts, including 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 may issue
contracts on a variable basis to which subsections 2 and 4 of section 26.1-15.1-19 do
not apply.