Tennessee § 56-25-502 - Management of assets.

§ 56-25-502. Management of assets.

All assets shall be held, invested and disbursed for the use and the 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. 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. A society may, pursuant to resolution of its supreme governing body, establish and operate one (1) or more separate accounts and issue contracts on a variable basis, subject to law regulating life insurers establishing the accounts and issuing the contracts. To the extent the society deems it necessary in order to comply with any applicable federal or state laws, or any rules issued thereunder, the society may adopt special procedures for the conduct of the business and affairs of a separate account; may, for persons having beneficial interest therein, 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; and may issue contracts on a variable basis to which § 56-25-404(b) and (d) shall not apply. Acts 1990, ch. 703, § 1; T.C.A. § 56-25-1502 . Code Commission Notes. This section was renumbered from § 56-25-1502 to § 56-25-502 by authority of the Code Commission in 2016. Compiler's Notes. Section 56-25-1404 referenced in this section was renumbered as 56-25-404 by the authority of the code commission in 2016.