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CHAP. 164
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after entry into the society, and a like period of six months
between declaring off and on the funds for disability benefits.
The contributions by each member for expenses may be such
per cent, of or other additions to the net premiums as shall
be provided in the constitution and laws of the society; and
if the net premiums are computed for first year preliminary
term protection all of the premium for the first year, above
actual net mortality, may be a part of the expense fund and
used for expenses. It shall also be lawful for the supreme
council in the organization of this corporation, and for the
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Sum of money
to be set
aside for
certain ex-
penses.
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first three years thereafter, to set aside temporarily from any
funds of the society 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 considered
as a loan to the expense fund and shall, be paid back gradu-
ally, but as rapidly as the needs of the expense fund will
permit.
7. That this corporation shall create, maintain, disburse
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Create, main-
tain, dis-
burse, etc.,
reserve funds
for certain
purposes.
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and apply reserve funds for meeting future mortality and
disability cost at the higher ages, in accordance with the
aforesaid standards mentioned in the preceding section of
this Act; and it may also in its discretion create and hold a
surplus not to exceed 8 per cent, of the full reserve. Unless
otherwise particularly specified in the contract or provided
in the constitution or laws, any such reserve or surplus funds
shall be held, invested, disbursed and applied for the use
and benefit of this corporation, and no member or beneficiary
shall have or acquire any individual rights therein, or be
entitled to any apportionment or the surrender of any part
thereof, unless provided for by specific agreement in the con-
stitution and laws and fully set out in the certificate of mem-
bership or on the back thereof. It may also in its discre-
tion provide for a guarantee fund of not more than fifteen
thousand dollars to be contributed by such members as are
willing to do so, for the purpose of guaranteeing the pay-
ment of death claims and the maintenance of the reserve
intact during the early stages of the order, but which shall
be retired by payment, when no longer needed, on the terms
and conditions imposed by the supreme council.
8. That all assets and liabilities of this corporation shall
be valued annually as of the 31st day of December of each
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