The independent-reporter. [volume] (Skowhegan, Me.) 1909-1955, 1917-04-12

based upon the STANDARD Industrial
Mortality Table or the English Life
Table Number Six" and rate of in
terest not greater than four per cent.
per annum. or upon II higher standard:
provided that contributions 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 eX-
ira contributions shall be made II the
reserves hereafter provided for become
impaired.
Section 3. Any 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-
tons 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 pay
ment 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 mem
bershp i'm such society, any benefit
certificate issued hereunder may be
surrendered for cancellation and OK
changed for any other form OF certit
cate issued by the society, provided
itiiA 1btii sui tiiliti VIII Iol itNu1f lllt
number of lives insured in the branch
below FIVE hundred. and upon the Ssu
ance of such new certificate any re-
serve upon the original certificate here
in provided for shall be transferred to
the credit of the new certificate Ne-
tier the person who originally made APP
ptcation for benefits on account OF
such child. nor the beneficiary named
in such original certificate. nor the per
son who paid the contributions. shall
i IT, a4..NE4
certificate. the free nomination Of
beneficiary under the new certiiicato
being left to the child so admitted TO
benefit membership. q.
Section 4 An entirely separate fnan-
cial statement Of the business transac-
tons and of assets and liabilities arts
ing therefrom shall be made in its an
nual report to the Insurance commits
sioner by any society awaiting itself
Of the provisions hereof. The separa-
ton Of assets, funds and liabilities re
qured hereby shall not be terminated,
resetndcd or modified nor shall the
funds be diverted for any use Other
than as specified in section three, rs
long as my certificates issued hereun-
der remain in force. and this require
mont shall be recognized and enforced
III any liquidation. reinsurance merger
or other change in the condition of the
status of the society.
Section 3 ANY society shall hive the
right to provide in its laws and the
certificate issued hereunder for speci-
fed payments on account OF the OK
pensc or general fund. which payments
shall or shall not be mingled with the
general fund of the society as its con
stitution and bylaws may provide.
Section 6. In the event Of the ter
mination of membership in the society
by the person responsible for the sup
port of any child on whose account
certificate may have been issued. as
provided herein, the certificate may be
continued for the benefit of the estate
of the child provided the contributions
are continued. or for the benefit of any
other person responsible for the support
aud maintenance of such child. who
shall assume the payment of the re-
Quired contributions.
Improved March l. 1871