11 LAWS OF MARYLAND. [CH. 492

The valuation herein provided for shall not be consid-
ered or regarded as a test of the financial solvency of the
association, but each association shall be held to be legally
solvent so long as the funds in its possession are equal to
or in excess of its matured liabilities.

SEC. 169. Report of Valuation. Beginning with the
year 1917 a report of such valuation and an explanation
of the facts concerning the condition of the association
thereby disclosed shall be printed and mailed to each bene-
ficiary member of the association not later than June 1st
of each year; or, in lieu thereof, such report of valuation
and showing of the association's condition as thereby
disclosed may be published in the association's official pa-
per, and the issue containing the same mailed to each
beneficiary member of the association. The laws of such
association shall provide that if the stated periodical con-
tributions of the members are insufficient to pay all ma-
tured death and disability claims in full and to provide
for the creation and maintenance of the funds required
by its laws, additional, increased or extra rates of contri-
bution shall be collected from the members to meet such
deficiency; and such laws may provide that, upon the
written application or consent of the member, his certifi-
cate may be charged with its proportion of any deficiency
disclosed by valuation, with interest not exceeding five per
centum per annum.

SEC. 170. Provisions to Insure Future Security. If
the valuation of the certificates, as hereinbefore provided,
on December 31, 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 asso-
ciation shall be required thereafter to reduce such defi-
ciency not less than five per centum of the total deficiency
on said December 31, 1920, at each succeeding triennial
valuation. If at any succeeding triennial valuation such
association does not show such percentage of improve-
ment, 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 percentage of improvement required herein, the Com-
missioner may, in the absence of good cause shown for