38.2-4122 - Funds.
§ 38.2-4122. Funds.
A. All assets shall be held, invested, and disbursed for the use and benefitof the society and no member or beneficiary shall have or acquire individualrights therein or become entitled to any apportionment on the surrender ofany part thereof, except as provided in the benefit contract.
B. A society may create, maintain, invest, disburse, and apply any specialfund or funds necessary to carry out any purpose permitted by the laws of thesociety.
C. A society may apply to the Commission, pursuant to resolution of itssupreme governing body, to establish and operate one or more separateaccounts and issue contracts on a variable basis, subject to Article 3 (§38.2-1443 et seq.) of Chapter 14 of this title. To the extent the societydeems it necessary in order to comply with any applicable federal or statelaws, or any rules issued under those laws, the society may (i) adopt specialprocedures for the conduct of the business and affairs of a separate account;(ii) for persons having beneficial interest therein, provide special votingand other rights, including without limitation special rights and proceduresrelating to investment policy, investment advisory services, selection ofcertified public accountants, and selection of a committee to manage thebusiness and affairs of the account; and (iii) issue contracts on a variablebasis to which subsections B and D of § 38.2-4119 of this chapter shall notapply.
(Code 1950, §§ 38-301, 38.1-617; 1952, c. 317, § 38.1-638.42; 1960, c. 189;1968, c. 654; 1986, c. 562.)