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 January 1, 1958, shall, in every provision of the laws of the society for payments by members of such society, in whatever form made, distinctly state the purpose of the same and the proportion 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.
(1949 Rev., S. 6250, 6253; 1957, P.A. 448, S. 32.)
History: Sec. 38-235 transferred to Sec. 38a-612 in 1991.
Annotations to former section 38-235:
Right of members in fund of parent body left in hands of subordinate lodges; protection of members in this state where parent body is located outside. 64 C. 170; 81 C. 189; 83 C. 241; 88 C. 676. Certain special funds considered. 84 C. 96. Section does not govern the type of policy which a society may issue. 144 C. 346.
Structure Connecticut General Statutes
Chapter 700d - Fraternal Benefit Societies
Section 38a-595. (Formerly Sec. 38-206). - Definitions.
Section 38a-596. (Formerly Sec. 38-207). - Societies operating on the lodge system.
Section 38a-597. (Formerly Sec. 38-208). - Representative form of government.
Section 38a-601. (Formerly Sec. 38-212). - Foreign and alien societies to be licensed.
Section 38a-602. (Formerly Sec. 38-213). - Renewal of license.
Section 38a-604. (Formerly Sec. 38-215). - Tax exemption.
Section 38a-605. (Formerly Sec. 38-216). - Principal office. Meetings of governing body.
Section 38a-607. (Formerly Sec. 38-219). - Constitution and laws may be absolute authority.
Section 38a-608. (Formerly Sec. 38-220). - Consolidation or merger.
Section 38a-609. (Formerly Sec. 38-221). - Benefit membership.
Section 38a-610. (Formerly Sec. 38-222). - Maintenance of institutions for benefit of members.
Section 38a-611. (Formerly Sec. 38-233). - Reinsurance.
Section 38a-612. (Formerly Sec. 38-235). - Use of assets. Proportion to be used for expenses.
Section 38a-613. (Formerly Sec. 38-236). - Investments.
Section 38a-616. (Formerly Sec. 38-238). - Examination of domestic society by commissioner.
Section 38a-617. (Formerly Sec. 38-239). - Examination of foreign or alien society.
Section 38a-624. (Formerly Sec. 38-246). - Exemption from insurance laws.
Section 38a-625. (Formerly Sec. 38-247). - Exempt societies, orders and associations.
Section 38a-626. (Formerly Sec. 38-248). - Penalties.
Section 38a-631. (Formerly Sec. 38-224). - Types of benefits authorized.
Section 38a-632. (Formerly Sec. 38-224a). - Additional benefits from special account.
Section 38a-633. (Formerly Sec. 38-225). - Insurance and branches for children.
Section 38a-635. (Formerly Sec. 38-227). - Officers and members not liable for benefits.
Section 38a-636. (Formerly Sec. 38-228). - Beneficiaries. Funeral benefits.
Section 38a-637. (Formerly Sec. 38-229). - Money or other benefits not liable to attachment.
Section 38a-638. (Formerly Sec. 38-230). - Benefit certificate.
Section 38a-639. (Formerly Sec. 38-231). - Certificate provisions.