A society shall invest its funds only in investments authorized by Chapter 14 of this title for the investment of assets of life insurers and subject to the limitations thereon. Any foreign or alien society permitted or seeking to do business in this Commonwealth which invests its funds in accordance with the laws of the state, district, territory, country or province in which it is incorporated, shall be held to meet the requirements of this section for the investment of funds.

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Terms Used In Virginia Code 38.2-4121

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Laws: means the society's articles of incorporation, constitution and bylaws, however designated. See Virginia Code 38.2-4103
  • Society: means fraternal benefit society, unless otherwise indicated. See Virginia Code 38.2-4103
  • State: means any commonwealth, state, territory, district or insular possession of the United States. See Virginia Code 38.2-100

Code 1950, §§ 38-307, 38.1-623; 1952, c. 317, § 38.1-638.43; 1968, c. 654; 1986, c. 562.

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