814 LAWS OF MARYLAND. [CH. 370

after be incorporated or admitted to transact business in
this State, which does not provide for stated periodical
contributions sufficient to provide for mortuary obliga-
tions contracted, when valued upon the basis of the Na-
tional Fraternal Congress Table of Mortality as adopted
by the National Fraternal Congress, August 23, 1899, or
any higher standard with interest assumption not more
than four per cent, per annum, nor write or accept mem-
bers for temporary or permanent disability benefits ex-
cept upon tables based upon reliable experience, with an
interest assumption not higher than four per cent, per
annum.

Sec. 157. DISTRIBUTION OF FUNDS. Every pro-
vision of the laws of the association for payment by mem-
bers of such association, in whatever form made, shall dis-
tinctly state the purpose 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, except as provided by Section 154 of
this sub-title.

Sec. 171. STANDARD OF VALUATION. Such valua-
tion shall be certified by a competent accountant or ac-
tuary; or, at the request and expense of the association,
verified by the actuary of the Department of Insurance of
the home state of the association, and shall be filed with
the Commissioner within ninety days after the submission
of the last preceding annual report. The legal minimum
standard for the valuation of all certificates and the
benefits promised therein shall be the American
Experience Table of Mortality with an interest assump-
tion of not to exceed four per centum per annum, or, at
the option of the association, any higher table; or, at its
option, it may use a table based upon the association's own
experience of at least twenty years and covering not less
than one hundred thousand lives, with interest assumption
not more than four per centum per annum; provided,
however, that any association now operating in this State,
whether domestic or foreign, shall be permitted to value
its certificates and contracts now outstanding, or here-
after issued, on the basis of the mortality standards and
interest assumptions heretofore permitted to it. Each such
valuation report shall set forth clearly and fully the mor-
tality and interest basis and the method of valuation. Any
association providing for disability benefits shall keep the