1864 ARTICLE 48A.

cant, and all amendments to each thereof, shall constitute the agreement
between the -association and the member and the copies of the same certi-
fied by the secretary of the association or corresponding officer, shall be
received in evidence of the terms and conditions thereof, and any changes,
additions or amendments to said charter or articles of incorporation 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.

1922, ch. 492, sec. 151.

154. Funds. Any association may create, maintain, invest, disburse
and apply an emergency, surplus or other similar funds 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 section 150 of this article. The funds
from which benefit shall be paid and the funds from which the expenses
of the association shall be defrayed, shall be derived from periodical pay-
ments by the members of the association, and accretions of said funds;
provided, that no association, domestic or foreign, shall hereafter be in-
corporated or admitted to transact business in this state, which does not
provide for stated periodical contributions sufficient to provide for meet-
ing the mortuary obligations contracted, when valued upon the basis of
the National Fraternal Congress Table of Mortality as .adopted by the
National Fraternal Congress August 23, 1899, or any higher standard,
with interest assumption not more than four per cent, per annum, nor
write or accept members for temporary or permanent disability benefits
except upon tables based upon reliable experience, with an interest assump-
tion not higher than four per cent, per annum.

1922, ch. 492, sec. 152.

155. Deferred Payments. Deferred payments or installments of
claims shall be considered as fixed liabilities on the happening of the con-
tingency upon which such payments or installments are thereafter to be
paid. Such liability shall be. the present value of such future payments or
installments, upon the rate of interest and mortality assumed by the asso-
ciation for valuation, and every association shall maintain a fund suffi-
cient to meet such liability, regardless of proposed future collections to
meet any such liabilities.

1922, ch. 492, sec. 153.

156. Investments. Every association shall invest its funds only in se-
curities permitted by the laws of this state for the investment of the assets