722 LAWS OF MARYLAND. [CH. 343

application or consent of the member, his certificate may bo
charged with its proportion of any deficiency disclosed by
valuation, with interest not exceeding five per centum per
annum.

Section 244F2. Provisions to Insure Future Security. If
the valuation of the certificates, as hereinbefore provided, on
December 31st, 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 re-
quired thereafter to reduce such deficiency not less than five
per centum of the total deficiency on said December 31st, 1920,
at each succeeding triennial valuation. If at any succeeding
triennial valuation such association does not show such per-
centage 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 per-
centage of improvement required herein, the Commissioner
may, in the absence of good cause shown for such failure, in-
stitute proceedings for the dissolution of such association, in
accordance with the provision of Section 244G of this Article,
or, in the case of a foreign association, its license may be can-
celled in the manner provided in this article.

Any such association, shown by any triennial valuation,
subsequent to December 31, 1920, not to have made the im-
provements herein required shall, within one year thereafter
complete such deficient improvements or thereafter, as to all
new members admitted, be subject, so far as stated rates of
contribution are concerned, to the provisions of Section 240
of this Article, applicable in the organization of new associa-
tions; provided that the contributions and funds of such new
members shall be kept separate and apart from the other funds
of the association until the required improvement shall be
shown by valuation. If such required improvement is not
shown by the succeeding triennial valuation, then the said new
members may be placed in a separate class and their certificates
valued as an independent association in respect of contribution
and funds.

SEC. 2. And be it further enacted, That this Act shall take
effect from and after the first day of June, 1916.

. Approved April 18th, 1916.