INSURANCE. 649

An. Code, 1924, sec. 154. 1922, ch. 492, sec. 151. 1935. ch. 370, sec. 154.

154. Funds. Any association may create, maintain, invest, disburse
and apply an emergency, surplus or other similar funds in accordance with
its laws and accumulated funds over and above the amount required to
maintain the reserves on all outstanding benefit certificates of such associa-
tion shall be available for expense of operation, maintenance of homes,
sanatoria, recreation centers, and for the payment of dividends or refunds
to its members. 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 there-
in 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 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 contributions sufficient to provide for 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 experi-
ence, with an interest assumption not higher than four per cent, per annum.

An. Code, 1924, sec. 157. 1922, ch. 492, sec. 154. 1935, ch. 370, sec. 157.

157. Distribution of Funds. Every provision of the laws of the associa-
tion for payment by members of such association, in whatever form made,
shall distinctly state the purpose of the same and the proportion thereof
which may be used for expenses; and no part of the money collected for
mortuary or disability purposes or the net accretions of either or any of
said funds shall be used for expenses, except as provided by Section 154
of this sub-title.

An. Code, 1924, sec. 161. 1922, ch. 492, sec. 158. 1927, ch. 394, sec. 161.

161. Annual License. Associations which are now authorized to trans-
act business in this State may continue such business until the first day of
July, 1927, and the authority of such associations may thereafter be re-
newed annually, but in all cases to terminate on the first day of the suc-
ceeding, July; provided, however, that license shall continue in full force
and effect until the new license be issued or specifically refused. For each
such license or renewal the association shall pay the Insurance Commis-
sioner twenty-five dollars. A duly certified copy or duplicate of such li-
cense shall be prima facie evidence that the licensee is a fraternal bene-
ficiary association within the meaning of this Article; provided, however,
that all such licenses to be issued January 1, 1928, shall be issued and paid
for pro rata for the period of eighteen months ending July 30, 1929.