Colorado § 10-14-502 - Funds.
Full text of Colorado Colorado Revised Statutes § 10-14-502 — Funds., with citation guidance and answers to common questions.
§ 10-14-502. 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 governing documents of such society.
(3) A society may, pursuant to resolution of its supreme governing body and with prior written approval of the commissioner, establish and operate one or more separate accounts and issue contracts on a variable basis, subject to the statutory provisions and regulations regarding life insurers establishing such accounts and issuing such contracts. To the extent the society deems it necessary to comply with any applicable federal or state statutes, or any rules issued pursuant thereto, the society may:
(a) Adopt special procedures for the conduct of the business and affairs of a separate account;
(b) Provide, for persons having beneficial interests therein, 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
(c) Issue contracts on a variable basis to which section 10-14-404 (2) and (4) shall not apply.
Source: L. 93: Entire article amended with relocations, p. 602, § 1, effective July 1.
Editor's note: This section is similar to former § 10-14-110 as it existed prior to 1993.
Cross references: For the provisions regarding variable contracts issued by life insurers, see part 4 of article 7 of this title 10.
Frequently Asked Questions About Colorado § 10-14-502
What does Colorado Revised Statutes § 10-14-502 cover?
Section 10-14-502 ("Funds.") is part of the Colorado Revised Statutes, the codified statutory law of Colorado. 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 Colorado § 10-14-502?
A common citation format is "Colorado Revised Statutes § 10-14-502" (Colorado). 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 Colorado law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Colorado official source linked on this page or consult a licensed Colorado attorney.
How does Colorado § 10-14-502 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Colorado 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 Colorado.