If the association is terminated or partially terminated for any reason, the rights of all members and former members affected thereby to benefits accrued and funded to the date of termination shall become nonforfeitable. Any distribution of assets shall be conducted in accordance with requirements of the federal "Internal Revenue Code of 1986", as amended.
Source: L. 87: Entire article R&RE, p. 1052, § 1, effective July 1. L. 2009: Entire section amended, (SB 09-282), ch. 288, p. 1338, § 13, effective January 1, 2010.
Editor's note: This section is similar to former § 24-51-148 as it existed prior to 1987.