EMERSON C. HARRINGTON, GOVERNOR. 519

"Corporations, " sub-title "Insurance Companies, '' by add-
ing thereto fourteen new and additional sections, to follow
immediately after said new sections relating to the organiza-
tion, management and business of mutual fire insurance
Companies, and also relating to reciprocal or inter-insurance
contracts,

SECTION 1. Be it enacted by the General Assembly of
Maryland, That Article 23 of the Annotated Code of Public
Civil Laws of Maryland (legalized by Chapter 21 of the Acts
of the General Assembly of Maryland of 1912), title "C6rpora-
tions, " sub-title "Insurance Companies, " be and the same is
hereby amended by adding thereto fourteen new and additional
sections, to follow immediately after Section 154K and to be
designated and known as Sections 154L, 154M, 154N, 154 O,
154P, 154Q, 154R, 154S, 154T, 154U, 154V, 154W, 154X,
154Y, and to read as follows:

154L. No purely mutual fire insurance company, or mutual
fire insurance company with a guaranty capital of less than
one hundred thousand dollars, hereafter organized or incorpo-
rated, shall issue any policy or contract or begin or transact any
business of insurance in this State, until not less than two
hundred and fifty thousand dollars of insurance, in not less
than one hundred separate risks, no one of which for the pur-
pose of complying with the foregoing requirement as to amount
at risk, shall be allowed for a sum in excess of five thousand dol-
lars shall have been subscribed for and entered on its books, and
a list of the subscribers for insurance, with such other in-
formation as the Insurance Commissioner may require, shall
have been filed with said Insurance Commissioner; nor until
the President and Secretary of the company shall have certified
under oath that every subscription for insurance in the list
so filed is genuine and made with an agreement with every
subscriber for insurance that he will take the policies sub-
scribed for by him within thirty days of the granting of
the license to the company to issue policies; nor until appli-
cation therefor shall have been made to the Insurance Com-
missioner and a license granted to said company by said Com-
missioner authorizing it to issue policies and transact the
business of a mutual fire insurance company. Said Commis-
sioner may withhold the granting of such license to any such
company applying as aforesaid until he shall have satisfied
himself by such examination as he shall deem requisite, that
, said company shall have complied with all the laws of this