A society may, if authorized by a resolution of its supreme legislative or governing body, establish and operate one or more separate accounts and issue contracts on a variable basis to persons as specified in Section 11041, subject to compliance with the applicable laws. To the extent a society finds it necessary to comply with federal or state law, or regulations issued under state or federal law, a society may do the following:
(a) Adopt special procedures for conducting the business of the separate account.
(b) Provide special voting and other rights for a person with a beneficial interest in the special account, including, but not limited to, rights and procedures relating to investment policy, investment advisory services, selecting certified public accountants, and selecting a committee to manage the account.
(c) Issue contracts on a variable basis that are exempted from the requirements of Sections 11062, 11064, and 11065.
(Added by Stats. 1995, Ch. 166, Sec. 12. Effective January 1, 1996.)
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