Accounts to be maintained.
Section 21
SEC. 21. Accounts to be maintained.—The Board shall keep, among other accounts, the following: Insurance Fund, to consist of the amount necessary to meet death claims as they may arise or such equities as any member may be entitled to. under the conditions of his policy, and to establish the required reserve to the end of guaranteeing the fulfillment of the contracts issued by the System. Said reserve shall be computed yearly in accord ance with approved valuation standards and with an in terest rate of not higher than four per centum per annum. Annuity Fund, to consist of the amount necessary to meet annuity payments and to establish the required reserves to the end of guaranteeing the fulfillment of the contracts issued by the System. Said reserves shall be de termined yearly on such mortality tables, with an interest rate of not higher than four per centum per annum, as shall be adopted by the Board. Trust Fund, to consist of members' proceeds of life insurance and annuity left to accumulate at interest. Contingency Reserve Fmtd, to consist of such portion of the surplus as may be set aside each year by the Board pursuant to section twenty-two hereof and of the moneys mentioned in section seven hereof: Provided, That it shall not exceed ten per centum of the main reserves of the System. General Fund, to consist of the amounts that may be appropriated by the Government as provided in sections twenty-four and twenty-five hereof and of such amounts as may be set aside by the Board from the surplus, to meet the expenses incidental to the enforcement of the provisions of this Act. The Government of the Commonwealth of the Philippines hereby guarantees the fulfillment of the obligations of the Government Service Insurance System to the members thereof when and as they shall become due.