304.29-221 Funds.
(1)
(2)
(3)
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.
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.
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 accounts and
issuing 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
subsections (2) and (4) of KRS 304.29-191 shall not apply.
Effective: January 1, 1989
History: Created 1988 Ky. Acts ch. 310, sec. 22, effective January 1, 1989.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.