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 assetsor 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 thelaw 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 federalor state laws, regulations, or rules, the society may adopt special procedures for the conductof the business and affairs of a separate account; may, for persons having beneficial interestsin the account, provide special voting and other rights, including without limitation, specialrights and procedures relating to investment eparate account; may, for persons having beneficial interestsin the account, provide special voting and other rights, including without limitation, specialrights and procedures relating to investment policy, investment advisory services, selectionof certified public accountants, and selection of a committee to manage the business andaffairs 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 Sat Dec 23 00:43:21 2023 Iowa Code 2024, Section 512B.22 (18, 0)
Iowa Legal Code