Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1917-04-09

and rate of interest not greater than
four per cent per annum, or upon
higher standard; provided that contribu-
tons may be waived or returns may be
made from any surplus held in excess Of
reserve and other liabilities, as provided
IN the bylaws and. provided further
that extra contributions shall be made
If the reserves hereafter provided for be-
come impaired.
Section 8. Amy society entering into
such insurance agreements shall main
tain on all such contracts the reserve
required by the standard of mortality
and interest adopted by the society for
computing contributions as provided in
section two, and the funds representing
the benefit contributions and all accre
tionS thereon shall be kept as separate
and distinct funds, independent of the
other funds Of the society, and shall not
be liable for nor used for the payment Of
the debts and obligations of the society
other than the benefits herein authorized
provided, that society may provide that
when child reaches the minimum age
for initiation into membership in such
society. any benefit certificate issue1
hereunder may be surrendered for cam
collation. and exchanged for any other
form of certificate issued by the society,
provided that such surrender will not re
duce the number of lives insured III the
branch below five hundred. and upon the
issuance of such new certificate any re
serve upon the original certificate herein
provided for shall be transferred to the
credit of the new certificate. Neither the
person who originally made application
for benefits on account of such child nor
the beneficiary named in such original
certificate, nor the person who paid the
contributions shall have any vested
right in such new certificate, the Tree
nomination of a beneficiary under the
new certificate being left to the child so
admitted to benefit membership.
Section 4. An entirely separate imam
cial statement of the business transac-
tionS and of assets and liabilities arising
th"refrom shall he made in ITS annual
report to the insurance commissioner pF
any society awaiting itself of the pro-
visions hereof The separation of assets,
funds and liabilities required hereby snail
not be terminated. rcSCinded or mofilhed,
nor shall the funds he diverted FOR any
use other than as specified IN sectlpn
three, as long AS any certificates issue !
hereunder remain in force, and thus re
uuirement shall be recognized ana en-
forced in any liquidation, reinsurance
merger or other change i'll the CONDITION
of the status of the society.
Section 5. Any society shall have the
right to provide in it's laws and the GER
titicatc issued hereunder for specihed
payments OH account of tie expense Or
general fund, which payments shal or
shall not be mingled with the genera
fund of the society as It's constitution OH 1
bylaws may provide.
Section 6. In the event OF the termina-
ton of membership in the society ny inc
person responsible for the support or any
child, on whose account a certlNcate may
have been issued. as provided herein, the
certificate NAV be continued for the bene-
fit of the estate of the child. provided the
contributions are continued. or for the
benefit of any other person respohslpie
for the support and maintenance OF such
child who shall assume the payment OF
the required contributions,-(App
March l. 1917.