(215 ILCS 5/303.1) (from Ch. 73, par. 915.1)
(Section scheduled to be repealed on January 1, 2027)
Sec. 303.1.
Funds.
(a) 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.
(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 such society.
(c) A society may, pursuant to resolution of its supreme governing body,
establish and operate one or more separate accounts and issue contracts on
a variable basis, subject to the provisions of Article XIV 1/2 of this
Code. To the extent the society deems it necessary in order to comply with
any applicable federal or State law, 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 interests
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 subsection
300.1(b) and 300.1(d) of this amendatory Act shall not apply.
(Source: P.A. 84-303.)
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