Vermont Statutes Title 8 Sec. 4492
Terms Used In Vermont Statutes Title 8 Sec. 4492
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Society: means a fraternal benefit society. See
§ 4492. Funds
(a) All assets shall be held, invested, and disbursed for the use and benefit of the society, and a member or beneficiary shall not have or acquire individual rights in such assets or become entitled to any apportionment or the surrender of any part of such assets, except as provided in the 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 the society.
(c) 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 November 22, 1959 shall, in every provision of the laws of the society for payments by members of the society, in whatever form made, distinctly state the purpose of them and the proportion of them that may be used for expenses, and no part of the money collected for mortuary or disability purposes or the net accretions of such money shall be used for expenses. (Added 1959, No. 197, § 32, eff. Nov. 22, 1959; amended 2021, No. 105 (Adj. Sess.), § 200, eff. July 1, 2022.)