304.29 -221 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 laws of the society. (3) A society may, pursuant to resolution of its supreme govern ing 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 i n 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, p rovide special voting and other rights, including without limitation special rights and procedures relating to investment policy, investment advisory or persons having beneficial interests therein, p rovide 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.
Kentucky Legal Code