ALBERT C. RITCHIE, GOVERNOR. 1209

installments are thereafter to be paid. Such liability shall
be the present value of such future payments or installments,
upon the rate of interest and mortality assumed by the asso-
ciation for valuation, and every association shall main-
tain a fund sufficient to meet such liability, regardless of pro-
posed future collections to meet any such liabilities.

SEC. 153. Investments. Every association shall invest its
funds only in securities permitted by the laws of this state
for the investment of the assets of life insurance companies;
provided, that any foreign association permitted or seeking to
do business in this state, which invests its funds in accordance
with the laws of the state in which it is incorporated shall be
held to meet the requirements of this act for the investment of
funds.

SEC. 154. Distribution of Funds. Every provision of the
laws of the association for payment by members of such as-
sociation, in whatever form made, shall distinctly state the pur-
pose 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.

SEC. 155. Organization. Seven or more persons, citizens of
the United States, and a majority of whom are citizens of this
state,' who desire to form a fraternal beneficiary association
as denned by this act, may make and sign (giving their ad-
dresses) and acknowledge before some officer competent to
take acknowledgment of deeds, articles of incorporation, in
which shall be stated:

First. The proposed corporate name of the association,
which shall not so closely resemble the name of any associa-
tion or insurance company already transacting business in this
state as to mislead the public or to lead to confusion.
Second. The purpose for which it is formed—which shall
not include more liberal powers than are granted by this act,
provided, that any lawful, social, intellectual, educational
charitable, benevolent, moral or religious advantages may be
set forth among the purposes of the association—and the mode
in which its corporate powers are to be exercised.

Third. The name,residence and official titles of all the
officers, trustees, directors or other persons who are to have
and exercise the general control and management of the affairs
and funds of the association for the first year, or until the