378.622. Assets, use of--variable basis contracts, allowed when.

MISSOURI STATUTES AND CODES

378.622. Assets, use of--variable basis contracts, allowed when.

Assets, use of--variable basis contracts, allowed when.

378.622. 1. All assets shall be held, invested anddisbursed for the use and benefit of the society and no member orbeneficiary shall have or acquire individual rights therein orbecome entitled to any apportionment on the surrender of any partthereof, except as provided in the benefit contract.

2. A society may create, maintain, invest, disburse andapply any special fund or funds necessary to carry out anypurpose permitted by the laws of such society.

3. A society may, pursuant to resolution of its supremegoverning body, establish and operate one or more separateaccounts and issue contracts on a variable basis, subject to theprovisions of law regulating life insurers establishing suchaccounts and issuing such contracts. To the extent the societydeems it necessary in order to comply with any applicable federalor state laws, or any rules issued thereunder, the society mayadopt special procedures for the conduct of the business andaffairs of a separate account, and may, for persons havingbeneficial interests therein, provide special voting and otherrights, including without limitation special rights andprocedures relating to investment policy, investment advisoryservices, selection of certified public accountants, andselection of a committee to manage the business and affairs ofthe account, and may issue contracts on a variable basis to whichsubsections 2 and 4 of section 378.619 shall not apply.