EDWIN WARFIELD, ESQ., GOVERNOR.

893

cense when the corporation, through the secretary of the

Insurance

board of directors, has complied with the provisions and re-

Commissioner
authorized to

quirements of Sections 143F, 143G and 143H of Article 23

grant a li-
cense.

of the Code of Public General Laws of this State.

SEC. 4. And be it enacted, That this corporation may make

provisions for the payment of benefits in case of death, sick-

Benefits in

ness, physical disability, either as the result of disease, acci-

case of
death, illness,

dent or old age, of its members; provided, the period in life

etc.

at which payment of physical disability benefits on account of

old age commences, shall not be under seventy years, or the

age of expectancy, from the time of entering, according to the

"American Experience Table." It may also make provisions

for the payment of partial or final benefits at the expiration of

life expectancy, or may provide for the final settlement of life

certificates after the member has reached the age of fifty-six

years. This corporation may also issue to any of its existing

members, provided they have not the full limit of insurance

permitted by the by-laws, or to those persons becoming mem-

bers for that purpose, a non-renewable certificate for a fixed

period or periods or not more than twenty years, and make

provisions for the payment of benefits thereon only in the

Payment of

event of the member's death before the expiration of said

benefits.

period or term of years. The payment of any of the above

mentioned benefits shall in all cases be subject to compliance

by the member with the contract, rules and laws of this corpor-

ation.

SEC. 5. And be it enacted, That the fund from which the

payment of all benefits shall be made, and the fund from which

Creatng a
fund.

the expenses of this corporation shall be defrayed, shall be de-

rived from the fees, assessments and dues collected from its

members. These two funds shall be maintained separate and

distinct from each other, the fees and dues defraying all ex-

penses and the assessments going to pay benefits only; pro-

vided, the directors may, in the organization of this corporpora-

tion and for the first three years thereafter, set aside tem-

porarily from the benefit fund, and to the temporary use of the

expense fund, such amounts from time to time as may be

needed for expenses; provided, further, the same is not needed

for the payment of benefits; all such advances shall be con-

sidered as a loan to the expense fund and shall be paid back

gradually, but as rapidly as the needs of the expense fund will

permit. This corporation may also create, maintain and dis-

burse an emergency or reserve fund in accordance with its

Emergency or
reserve fund.

c6nstitutional laws. Such emergency or reserve fund shall