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be renewed annually, but in all cases to terminate on the first day of the succeeding January; provided, however, that license shall continue in full force and effect until the new license be issued or specifically refused. Any foreign association desiring admission to this State shall have the qualifications required of domestic associations organized under this Act and have its assets invested as required by the laws of the State, territory, district, country or province where it is organized. For each such license or renewal the association shall pay the Commissioner twenty-five dollars. When the Commissioner refuses to license any association or revokes its authority to do business in this State, he shall reduce his ruling, order or decision to writing, and file the same in his office, and shall furnish a copy thereof together with a statement of his reasons, to the officers of the association upon request, and the action of the Commissioner shall be reviewable by proper proceedings in any Court of competent jurisdiction within the State; provided, however, that nothing contained in this or the preceding section shall be taken or construed as preventing any such association from continuing in good faith all contracts made in this State during the time such association was legally authorized to transact business herein.

1912, ch. 824, sec. 17A.

244A. (Power of Attorney and Service of Process.) Every association, whether domestic or foreign, now transacting business in this State shall, within thirty days after the passage of this Act, and every such association hereafter applying for admission, shall, before being licensed, appoint in writing the Insurance Commissioner and his successors in office to be its true and lawful attorney upon whom all legal process in any action or proceeding against it shall be served, and in such writing shall agree that any lawful process against it which is served upon such attorney shall be of the same legal force and validity as if served upon the association, and that the authority shall continue in force so long as any liability remains outstanding in this State. Copies of such appointment, certified by said Insurance Commissioner, shall be deemed sufficient evidence thereof, and shall be admitted in evidence with the same force

and effect as the original thereof might be admitted. Service shall only be made upon such attorney, must be made in duplicate upon the Insurance Commissioner, or, in his absence, upon the person in charge of his office and shall be deemed sufficient service upon such association; provided, however, that no such service shall be vaild or binding against any such association when it is required thereunder to file its answer, pleading or defense in less than thirty days from the date of mailing the copy of such service to such association. When legal process against any such association is served upon said Insurance Commissioner he shall forthwith forward by registered mail one of the duplicate copies, prepaid and directed to its secretary or corresponding officer. Legal process shall not be served upon any such association except in the manner provided herein.

1912, ch. 824, sec. 18a.

244B. (Place of Meeting-Location of Office.) Any domestic association may provide that the meetings of its legislative or governing body may be held in any State, district, province or territory wherein such association has subordinate branches, and all business transacted at such meetings shall be as valid. in all respects as if such meetings were held in this State. But its principal office shall be located in this State.

1912, ch. 824, sec. 19A.

244c. (No Personal Liability.) Officers and members of the supreme, grand or any subordinate body of any such incorporated association shall not be individually liable for the payment of any disability or death benefit provided for in the laws and agreements of such association, but the same shall be payable only out of the funds of such association and in the manner provided by its law.

1912, ch. 824, sec. 20a.

244D. (Waiver of the Provisions of the Laws.) The constitution and laws of the association may provide that no subordinate body, nor any of its subordinate officers or members shall have the power or authority to waive any of the provisions of the laws and constitution of the association, and the same shall

be binding on the association and each and every member thereof, and on all beneficiaries of members.

1912, ch. 824, sec. 21A.

244E. (Benefits Not Attachable.) No money or other benefit, charity or relief or aid to be paid, provided or rendered by any such association shall be liable to attachment, garnishment or other process, or be seized, taken, appropriated or applied by any legal or equitable process or operation of law to pay any debt or liability of a member or beneficiary or any other person who may have a right thereunder, either before or after payment.

1912, ch. 824, sec. 22a.

244F. (Constitution and Laws-Amendments.) Every association transacting business under this Act shall file with the Insurance Commissioner a duly certified copy of all amendments of or additions to its constitution and laws within ninety days after the enactment of the same. Printed copies of the constitution and laws, as amended, changed or added to, certified by the secretary or corresponding officer of the association, shall be prima facie evidence of the legal adoption thereof.

1916, ch. 343.

244F1. (Annual Reports.)--Every association transacting business in this State shall annually, on or before the first day of March, file with the Insurance Commissioner, in such form as he may require, a statement under oath of its president and secretary or corresponding officers, of its condition and standing on the thirty-first day of December next preceding, and of its transactions for the year ending on that date, and also shall furnish such other information as the Commissioner may deem necessary to a proper exhibit of its business and plan of working. The Commissioner may at other times require any further statement he may deem necessary to be made relating to such association.

In addition to the annual report herein required, each association shall annually report to the Commissioner a valuation of its certificates in force on December 31st, last preceding. excluding those issued within the year for which the report is

filed in cases where the contributions for the first year in whole or in part are used for current mortality and expenses, provided the first report of valuation shall be made as of December 31st, 1916. Such report of valuation shall show, as contingent liabilities, the present mid-year value of the promised benefits provided in the constitution and laws of such association under certificates then subject to valuation; and, as contingent assets, the present mid-year value of the future net contributions provided in the constitution and laws as the same are in practice actually collected. At the option of any association, in lieu of the above, the valuation may show the net value of the certificates subject to valuation hereinbefore provided, and said net value, when computed in case of monthly contributions, may be the mean of the terminal values for the end of the preceding and of the current insurance years.

Such valuation shall be certified by a competent accountant or actuary; 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 of valuation for all certificates, except for disability benefits, shall be the National Fraternal Congress Table of Mortality as adopted by the National Fraternal Congress August 23, 1899, 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. Each such valuation report shall set forth clearly and fully the mortality and interest basis and the method of valuation. Any association providing for disability benefits shall keep the net contributions for such benefits in a fund separate and apart from all other benefit and expense funds and the valuation of all other business of the association; provided that where a combined contribution table is used by an association for both death and permanent total disability benefits, the valuation shall be according to tables of reliable experience, and in such case a separation of the funds shall not be required.

The valuation herein provided for shall not be considered 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.

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 beneficiary 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 paper, 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 contributions of the members are insufficient to pay all matured 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 contribution 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 certificate may be charged with its proportion of any deficiency disclosed by valuation, with interest not exceeding five per centum per

annum.

1916, ch. 343.

If the valua

244F2. (Provisions to Insure Future Security.) tion of the certificates, as hereinbefore provided, on December 31st, 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 association shall be required thereafter to reduce such deficiency not less than five per centum of the total deficiency on said December 31st, 1920. If at any succeeding triennial valuation such association does not show such percentage of improvement, the Commissioner shall direct that it thereafter comply with the requirements herein specified. If the next succeeding triennial valuation after the

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