Section 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.L. 93: Entire article amended with relocations, p. 602, § 1, effective July 1.This section is similar to former § 10-14-110 as it existed prior to 1993.
For the provisions regarding variable contracts issued by life insurers, see part 4 of article 7 of this title 10.