{"data":{"id":"us-ky/krs-304.29-221","jurisdiction":"us-ky","citation":"KRS 304.29-221","heading":"Funds.","body":"(1) All assets shall be held, invested and disbursed for the use and benefit of the society\nand no member or beneficiary shall have or acquire individual rights therein or\nbecome entitled to any apportionment on the surrender of any part thereof, except as\nprovided in the benefit contract.\n(2) A society may create, maintain, invest, disburse and apply any special fund or funds\nnecessary to carry out any purpose permitted by the laws of the society.\n(3) A society may, pursuant to resolution of its supreme govern ing body, establish and\noperate one (1) or more separate accounts and issue contracts on a variable basis,\nsubject to the provisions of law regulating life insurers establishing accounts and\nissuing contracts. To the extent the society deems it necessary i n order to comply\nwith any applicable federal or state laws, or any rules issued thereunder, the society\nmay adopt special procedures for the conduct of the business and affairs of a\nseparate account; may, for persons having beneficial interests therein, p rovide\nspecial voting and other rights, including without limitation special rights and\nprocedures relating to investment policy, investment advisory services, selection of\ncertified public accountants, and selection of a committee to manage the business\nand affairs of the account; and may issue contracts on a variable basis to which\nsubsections (2) and (4) of KRS 304.29-191 shall not apply.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=29689","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:52Z","sha256":"aa7c2e34d651286d176da4a84105252eb9d04dc87099a676d36ac6f5671b6f37","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.29-220","next":"us-ky/krs-304.29-230"},"notice":"GroundRules: Original legal text. Not legal advice."}