VALUATION.

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7.  In  no  valuation  of  a  society’s  future  sickness  liabilities
sliall  a  higher  rate  of  mortality  at  any  age  be  employed
than  that  given  by  “  Rateliffe’s  Mortality  Experience  for
the  Years  1865-70,  of  the  Manchester  Unity  of  Oddfellows,.
Rural,  Town,  and  City  districts  combined.”
8.  In  the  case  of  societies  having  members  engaged  in
occupations  more  than  usually  hazardous  or  injurious  tohealth,
  or  having  members  residing  in  localities  known  to
be  unhealthy,  the  valuer  shall  in  his  valuation  make  such
allowance  or  allowances  therefor  as  regards  conditions  5
and  6  as  he  may  deem  expedient,  and  shall  call  special
attention  thereto  in  his  report,  on  the  valuation.
9.  The  valuer  may,  in  estimating  the  value  of  a  society’sliabilities
  under  its  assured  benefits,  use  such  a  rate  or  ratesof
  interest  as  he  may  consider  expedient;  but  when  such
rate  or  rates  shall  exceed  3  per  cent.,  he  shall,  in  his  report
on  the  valuation,  state  fully  the  grounds  on  which  a  higher
rate  of  interest  is  made  use  of.
10.  No  allowance  is  to  be  made  for  possible  future  profits
arising  from  secessions,  unless  the  number  of  contributing
members  in  the  society,  and  the  nature  of  the  society’s
business  be  such  as  fully  to  justify  an  allowance  being
made,  and  the  valuer  shall  in  all  such  cases  state  in  his
report  what  allowance  has  been  made,  and  the  grounds  on
which  it  is  made.
11.  The  method  of  valuation  must  in  no  case  have  the
effect  of  treating  any  of  the  society’s  assurance  contracts  asassets;
  in  other  words,  the  liability  of  the  society  under  its
assurance  contracts  must  in  no  case  be  treated  as  having  a
negative  value.
12.  The  valuation  report  must  in  all  cases  state  distinctly
what  provision  is  made  for  future  expenses  of  management,
and  the  valuer  shall  state  whether  in  his  opinion,  judging
from  the  experience  of  the  society,  such  provision  is
adequate.
13.  In  making  his  report  on  the  valuation,  the  valuer
shall  in  all  cases  specially  call  attention  to  the  assumptions
on  which  the  valuation  is  based,  particular  care  being;
exercised  in  this  case  where  the  number  of  members  is
small.