695A.430 - Assets, funds and accounts of society. - Nevada Statutes

695A.430  Assets, funds and accounts of society.

      1.  All assets must be held, invested and disbursed for the use and benefit of the society and no member or beneficiary may have or acquire individual rights therein or become entitled to any apportionment or 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 necessary to carry out any purpose permitted by the laws of the society.

      3.  A society may, pursuant to a resolution of its supreme governing body and subject to the provisions of NRS 688A.390, establish and operate one or more separate accounts and issue contracts providing benefits payable in variable amounts. For the purposes of NRS 688A.390, a society shall be deemed to be a domestic life insurer.

      (Added to NRS by 1971, 1855; A 1991, 241)