{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-4122.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-4122.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-4122.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-4122.html"}],"law_id":60145,"edition_id":1,"section_id":60145,"structure_id":15699,"section_number":"38.2-4122","catch_line":"Funds","history":"Code 1950, \u00a7\u00a7 38-301, 38.1-617; 1952, c. 317, \u00a7 38.1-638.42; 1960, c. 189; 1968, c. 654; 1986, c. 562.","full_text":"A\n\nAll 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\n\nA 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\n\nA society may apply to the Commission, pursuant to resolution of its supreme governing body, to establish and operate one or more separate accounts and issue contracts on a variable basis, subject to Article 3 (§ 38.2-1443 et seq.) of Chapter 14 of this title. To the extent the society deems it necessary in order to comply with any applicable federal or state laws, or any rules issued under those laws, the society may (i) adopt special procedures for the conduct of the business and affairs of a separate account; (ii) 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 (iii) issue contracts on a variable basis to which subsections B and D of § 38.2-4119 of this chapter shall not apply.","order_by":null,"text":{"0":{"id":220056,"text":"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.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":220057,"text":"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.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":220058,"text":"A society may apply to the Commission, pursuant to resolution of its supreme governing body, to establish and operate one or more separate accounts and issue contracts on a variable basis, subject to Article 3 (§ 38.2-1443 et seq.) of Chapter 14 of this title. To the extent the society deems it necessary in order to comply with any applicable federal or state laws, or any rules issued under those laws, the society may (i) adopt special procedures for the conduct of the business and affairs of a separate account; (ii) 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 (iii) issue contracts on a variable basis to which subsections B and D of § 38.2-4119 of this chapter shall not apply.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":15699,"edition_id":1,"name":"Financial Requirements","identifier":"5","label":"article","depth":3,"order_by":1,"parent_id":13775,"metadata":{},"date_created":"2026-06-26 03:58:04","date_modified":"2026-06-26 03:58:04","permalink":{"id":216585,"object_type":"structure","relational_id":15699,"identifier":"5","token":"38.2\/41\/5","url":"\/38.2\/41\/5\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13775,"edition_id":1,"name":"Fraternal Benefit Societies","identifier":"41","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:45:51","date_modified":"2026-06-26 03:45:51","permalink":{"id":216491,"object_type":"structure","relational_id":13775,"identifier":"41","token":"38.2\/41","url":"\/38.2\/41\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12698,"edition_id":1,"name":"Insurance","identifier":"38.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":210661,"object_type":"structure","relational_id":12698,"identifier":"38.2","token":"38.2","url":"\/38.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":78640,"structure_id":15699,"section_number":"38.2-4121","catch_line":"Investments","url":"\/38.2-4121\/","token":"38.2\/41\/5\/38.2-4121","metadata":false},{"id":60145,"structure_id":15699,"section_number":"38.2-4122","catch_line":"Funds","url":"\/38.2-4122\/","token":"38.2\/41\/5\/38.2-4122","metadata":false}],"previous_section":{"id":78640,"structure_id":15699,"section_number":"38.2-4121","catch_line":"Investments","url":"\/38.2-4121\/","token":"38.2\/41\/5\/38.2-4121","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-4122\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 4 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1952, chapter 317; in 1960, chapter 189; in 1968, chapter 654; in 1986, chapter 562.<\/p>","references":false,"refers_to":[{"id":55404,"section_number":"38.2-1443","catch_line":"Investment of amounts allocated to separate accounts for variable life insurance and variable annuities","order_by":null,"url":"\/38.2-1443\/"},{"id":81281,"section_number":"38.2-4119","catch_line":"The benefit contract","order_by":null,"url":"\/38.2-4119\/"}],"permalink":{"id":216591,"object_type":"law","relational_id":60145,"identifier":"38.2-4122","token":"38.2\/41\/5\/38.2-4122","url":"\/38.2-4122\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-4122\/","token":"38.2\/41\/5\/38.2-4122","dublin_core":{"Title":"Funds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-4122","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> All assets<\/span> shall be held, invested, and disbursed for the use and benefit of the society<\/span> 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<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> A society<\/span> may create, maintain, invest, disburse, and apply any special fund or funds necessary to carry out any purpose permitted by the laws<\/span><\/span> of the society<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> A society<\/span> may apply to the Commission<\/span>, pursuant to resolution of its supreme governing body, to establish and operate one or more separate accounts and issue<\/span> contracts<\/span> on a variable basis, subject to Article 3 (§ 38.2-1443<\/a> et seq.) of Chapter 14 of this title. To the extent the society<\/span> deems it necessary in order<\/span> to comply with any applicable federal or state<\/span> laws<\/span><\/span>, or any rules<\/span> issued under those laws<\/span><\/span>, the society<\/span> may (i) adopt special procedures for the conduct of the business and affairs of a separate account; (ii) for persons<\/span> 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 (iii) issue<\/span> contracts<\/span> on a variable basis to which subsections B and D of § 38.2-4119<\/a> of this chapter shall not apply. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nFUNDS (\u00a7 38.2-4122)\n\nA. All assets shall be held, invested, and disbursed for the use and benefit of\nthe society and no member or beneficiary shall have or acquire individual rights\ntherein or become entitled to any apportionment on the surrender of any part\nthereof, except as provided in the benefit contract.\n\nB. A society may create, maintain, invest, disburse, and apply any special fund\nor funds necessary to carry out any purpose permitted by the laws of the\nsociety.\n\nC. A society may apply to the Commission, pursuant to resolution of its supreme\ngoverning body, to establish and operate one or more separate accounts and issue\ncontracts on a variable basis, subject to Article 3 (§ 38.2-1443 et seq.)\nof Chapter 14 of this title. To the extent the society deems it necessary in\norder to comply with any applicable federal or state laws, or any rules issued\nunder those laws, the society may (i) adopt special procedures for the conduct\nof the business and affairs of a separate account; (ii) for persons having\nbeneficial interest therein, provide special voting and other rights, including\nwithout limitation special rights and procedures relating to investment policy,\ninvestment advisory services, selection of certified public accountants, and\nselection of a committee to manage the business and affairs of the account; and\n(iii) issue contracts on a variable basis to which subsections B and D of §\n38.2-4119 of this chapter shall not apply.\n\nHISTORY: Code 1950, \u00a7\u00a7 38-301, 38.1-617; 1952, c. 317, \u00a7 38.1-638.42; 1960,\nc. 189; 1968, c. 654; 1986, c. 562.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}