1872 ARTICLE 48A.

The valuation herein provided for shall not be considered or regarded
as a test of the financial solvency of the association, but each association

shall be held to be legally solvent so long as the funds in its possession are

equal to or in excess of its matured liabilities.

1922, ch. 492, sec. 169.

172. Report of Valuation. Beginning with the year 1917 a report of
such valuation and an explanation of the facts concerning the condition
of the association thereby disclosed shall be printed and mailed to each
beneficiary member of the association not later than June 1st of each year;
or, in lieu thereof, such report of valuation and showing of the association's
condition as thereby disclosed may be published in the association's official
paper, and the issue containing the same mailed to each beneficiary member
of the association. The laws of such association shall provide that if the
stated periodical contributions of the members are insufficient to pay all
matured death and disability claims in full and to provide for the creation
and maintenance of the funds required by its laws, additional, increased
or extra rates of contribution shall be collected from the members to meet
such deficiency; and such laws may provide that, upon the written applica-
tion' or consent of the member, his certificate may be charged with its
proportion of any deficiency disclosed by valuation, with interest not
exceeding five per centum per annum.

1922, ch. 492, sec. 170.

173. Provisions to Insure Future Security. If the valuation of the
certificates, as hereinbefore provided on December 31, 1920, shall show
that the present value of future net contributions, together with the
admitted assets, is less than ninety per cent, of the present value of the
promised benefits and accrued liabilities, such association shall be required
thereafter to reduce such deficiency not less than five per centum of the
total deficiency on said December 31, 1920, at each succeeding triennial
valuation. If at any succeeding triennial valuation such association does
not show such percentage of improvement, the Commissioner shall direct
that it thereafter comply with the requirements herein specified. If the
next succeeding triennial valuation after the receipt of such notice shall
show that the association has not made the percentage of improvement
required herein, the Commissioner may, in the absence of good cause
shown for such failure, institute proceedings for the dissolution of such
association in accordance with the provisions of Section 175 of this Article,
or, in the case of a foreign association, its license may be canceled in the
manner provided in this Article.

1922, ch. 492, sec. 171.

174. Deficiency Shown by Triennial Valuation. Any such association,
shown by any triennial valuation, subsequent to December 31, 1920, not to
have made the improvements herein required shall, within one year there-
after complete such deficient improvements, or thereafter, as to all new
members admitted, be subject, so far as stated rates of contribution are