CHAPTER 189

An Act to amend and reenact § 38.1-617 of the Code of Virginia, and to
repeal §§ 38.1-605, 88.1-608 and 38.1-622 of the Code of Virginia, the
amended and repealed sections relating to the manner in which funds
of fraternal benefit societies shall be handled.

Pi ae al fa Faw -~«=
Be it enacted by the General Assembly of Virginia:

a That § 38.1-617 of the Code of Virginia be amended and reenacted as
ollows:

§ 38.1-617. * 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
or the surrender of any part thereof, except as provided in the 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 such society.

Every society, the admitted assets of which are less than the sum
of its accrued liabilities and reserves under all of its certificates when
valued according to standards required for certificates issued after one
year from the effective date of this section shall, in every provision of
the laws of the society for payments by members of such society, in what-
ever form made, distinctly state the purpose of the same and the propor-
tion thereof which may be used for expenses, and no part of the money
collected for mortuary or disability purposes or the net accretions thereto
shall be used for expenses. oo
2. That §§ 38.1-605, 38.1-608 and 38.1-622 of the Code of Virginia are
repealed.