1602 LAWS OF MARYLAND. [Ch. 824]

ment between the association and the member, and copies of the
same certified by the secretary of the association or correspond-
ing officer, shall be received in evidence of the terms and condi-
tions thereof, and any changes, additions or amendments to said
charter or articles of corporation or articles of association, if a
voluntary association, constitution or laws duly made or enacted
subsequent to the issuance of the benefit certificate shall bind
the member and his beneficiaries, and shall govern and control
the agreement in all respects the same as though such changes,
additions or amendments had been made prior to and were in
force at the time of the application for membership.

SEC. 9A. (Funds.) Sub-section 1. Any association may
create, maintain, invest, disburse and apply an emergency, sur-
plus or other similar fund in accordance with its laws. Unless
otherwise provided in the contract, such funds shall be held,
invested and disbursed for the use and benefit of the association,
and no member or beneficiary shall have or acquire individual
rights therein or become entitled to any apportionment or the
surrender of any part thereof, except as provided in sub-section
2 of section 5A of this act. The funds from which benefits shall
be paid and the funds from which the expenses of the associa-
tion shall be defrayed, shall be derived from periodical or other
payments by the members of the association and accretions of
said funds; provided, that no association, domestic or foreign,
shall hereafter be incorporated or admitted to transact business
in this State, which does not provide for stated periodical con-
tributions, sufficient to provide for meeting the mortuary obli-
gations contracted, when valued upon the basis of the National
Fraternal Congress Table of Mortality as adopted by the Na-
tional Fraternal Congress August 23, 1899, or any higher stand-
ard with interest assumption not more than four per cent per
annum, nor write or accept members for temporary or perma-
nent disability benefits except upon tables based upon reliable
experience with an interest assumption not higher than four
per cent, per annum.

SUB-SEC. 2. Deferred payments or instalments of claims
shall be considered as fixed liabilities on the happening of the
contingency upon which such payments or instalments are there-
after to be paid. Such liability shall be the present value of
such future payments or instalments, upon the rate of interest
and mortality assumed by the association for valuation, and
every association shall maintain a fund sufficient to meet such
liability, regardless of proposed future collections to meet any
such liabilities.