Arizona § 20-881 - Funds
Full text of Arizona Arizona Revised Statutes § 20-881 — Funds, with citation guidance and answers to common questions.
§ 20-881. Funds
A. Unless otherwise provided in the benefit contract, all assets shall be held, invested and disbursed for the use and benefit of the society, and no member or beneficiary has any individual rights in the assets and is not entitled to any apportionment on the surrender of any part of the assets.
B. 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.
C. Pursuant to a resolution of the supreme governing body, a society may establish and maintain one or more separate accounts and issue contracts on a variable basis, subject to the provisions of this title regulating life insurers. To the extent that the society deems it necessary in order to comply with any applicable federal or state law, the society may:
1. Adopt special procedures for the conduct of the business and affairs of a separate account.
2. For persons who have beneficial interests in a separate account, provide 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.
3. Issue contracts on a variable basis. Section 20-878, subsections B and D do not apply to these contracts.
Frequently Asked Questions About Arizona § 20-881
What does Arizona Revised Statutes § 20-881 cover?
Section 20-881 ("Funds") is part of the Arizona Revised Statutes, the codified statutory law of Arizona. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arizona § 20-881?
A common citation format is "Arizona Revised Statutes § 20-881" (Arizona). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arizona law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arizona official source linked on this page or consult a licensed Arizona attorney.
How does Arizona § 20-881 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arizona can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arizona.