§ 26-29-222 — Funds

Wyoming § 26-29-222

• Jurisdiction: Wyoming
• Title 26: Insurance Code
• Ch. 29: FRATERNAL BENEFIT SOCIETIES

Text

(a) 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.
(b) A society may create, maintain, invest, disburse and
apply any special fund or funds necessary to carry out any
purpose permitted by laws of such society.
(c) A society may, pursuant to resolution of its supreme
governing body, establish and operate one (1) 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
deems it necessary in order to comply with any applicable
federal or state laws, or any rules issued thereunder, the
society may adopt special procedures for the conduct of the
business and affairs of a separate account, may, for persons
having beneficial interests therein, provide 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 may issue contracts on a variable basis to
which W.S. 26-29-219(b) and (d) shall not apply.