2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 512B - FRATERNAL BENEFIT SOCIETIES
512B.22 - FUNDS.

        512B.22  FUNDS.
         1.  All assets shall be held, invested, and disbursed for the use
      and benefit of the society and a member or beneficiary shall not have
      or acquire individual rights in the society's assets or become
      entitled to an apportionment on the surrender of any part of the
      society's assets, 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 law regulating life
      insurers establishing equivalent accounts and issuing equivalent
      contracts.  To the extent the society deems it necessary in order to
      comply with any applicable federal or state laws, regulations, or
      rules, the society may adopt special procedures for the conduct of
      the business and affairs of a separate account; may, for persons
      having beneficial interests in the account, 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 section 512B.19,
      subsections 2 and 4 shall not apply.  

         90 Acts, ch 1148, §23