ALBERT C. RITCHIE, GOVERNOR. 1207

readjust their rates of contributions, and to contracts affected
by such readjustment.

Any association which shall show by the annual valuation
hereinafter provided for that it is accumulating and maintain-
ing the reserve necessary to enable it to do so, under a table
of mortality not lower than the American Experience Table
with four per cent, interest, may grant to its members ex-
tended and paidup protection or such withdrawal equities as
its constitution and laws may provide; provided, that such
grants shall in no case exceed in value the portion of the re-
serve to the credit of such members to whom they are made.

SEC. 148. Beneficiaries. The payment of death benefits
shall be confined to wife, husband, relative by blood to the
fourth degree, father-in-law, mother-in-law, son-in-law, daugh-
ter-in-law, stepfather, stepmother, stepchildren, children by
legal adoption, or to a person or persons dependent upon the
member; provided, that if after the issuance of the original
certificate the member shall become dependent upon an in-
corporated charitable institution, he shall have the privilege,
with the consent of the association, to make such institution
his beneficiary. Within the above restrictions, each member
shall have the right to designate his beneficiary, and, from time
to time, have the same changed in accordance with the laws,
rules or regulations of the association, and no beneficiary
shall have or obtain any vested interest in the said benefit until
the same has become due and payable upon the death of the
said member; provided, that any association may, by its laws,
limit the scope of beneficiaries within the above classes.

SEC. 149. Qualifications for Membership. Any association
may admit to beneficial membership any person not less than
sixteen and not more than sixty years of age, who has been
examined by a legally qualified physician and whose examina-
tion has been supervised and approved in accordance with the
laws of the association; provided, that any beneficiary member
of .such association who shall apply for a certificate providing
for disability benefits need not be required to pass an addi-
tional medical examination therefor. Nothing herein contain-
ed shall prevent such association from accepting general or
social members.

SEC. 150. Certificate. Every certificate issued by any such

association shall specify the amount of benefit provided therp-

- by, and the certificate, the charter or articles of incorporation,