J. MILLARD TAWES, Governor                     1145

and approved by the Commissioner of the state of domicile, and that
if the payment be not made it shall stand as an indebtedness against
the member's certificate and draw interest not to exceed five per cent
(5%) per annum compounded annually.

324.    Benefits.

(a)   A society authorized to do business in this State may provide
for the payment of:

(1)   Life insurance benefits as defined in section 63.

(2)   Annuity benefits as defined in section 65.

(3)   Health insurance benefits as defined in section 66.

(4)   Monument or tombstone benefits to the memory of deceased
members not exceeding in any case the sum of three hundred dol-
lars ($300).

(b)   Such benefits may be provided on the lives of members or,
upon application of a member, on the lives of a member's family, in-
cluding the member, the member's spouse and minor children, in the
same or separate certificates.

325.    Benefits on Lives of Children.

(a)   A society may provide for benefits on the lives of children
under the minimum age for adult membership but not greater than
twenty-one (21) years of age at time of application therefor, upon
the application of some adult person, as its laws or rules may provide,
which benefits shall be in accordance with the provisions of section
324 of this subtitle. A society may, at its option, organize and operate
branches for such children. Membership and initiation in local lodges
shall not be required of such children, nor shall they have a voice in
the management of the society.

(b)   Children insured under certificates issued pursuant to this
section shall be transferred to, and become members of, the adult
branch of the society upon obtaining the minimum age for adult
beneficial membership under the laws of the society, provided they
can meet the eligibility requirements of said society; otherwise the
transfer shall be only effective as far as their insurance accounts
are concerned.

(c)   A society shall have power to provide for the designation and
changing of designation of beneficiaries in the certificates providing
for such benefits and to provide in all other respects for the regula-
tion, government and control of such certificates and all rights,
obligations and liabilities incident thereto and connected therewith.

326.    Nonforfeiture Benefits, Cash Surrender Values, Certificate
Loans and Other Options.

(a) A society may grant paid-up nonforfeiture benefits, cash
surrender values, certificate loans and such other options as its laws
may permit. As to certificates issued on and after the effective date
of this subtitle, a society shall grant at least one paid-up nonforfeiture
benefit, except in the case of pure endowment, annuity or reversion-
ary annuity contracts, reducing term insurance contracts or contracts