520 LAWS OF MARYLAND. [CH. 256

State applicable to such company. If the President and Secre-
tary of any mutual fire insurance company shall take a false
oath relative to the certificate required by this section, they
shall be guilty of perjury.

No mutual fire insurance company, operating on the cash
premium plan, nor any mutual fire insurance company with a
guaranty capital of less than one hundred thousand dollars,
either of which has become insolvent, or has reinsured or
cancelled its risks so that it has on its books less than two
hundred and fifty thousand dollars of insurance in force, not
reinsured, in not less than one hundred separate risks in this
State, shall make any further insurances until it has secured
applications for policies which, together with the unreinsured
risks in force, shall amount to not less than two hundred and
fifty thousand dollars in not less than one hundred separate
risks in this State, said applications to be subject to the same
provisions of this section as apply to the subscriptions for in-
surance in a new company. Upon the filing of such applica-
tions with the Insurance Commissioner, he shall make such
investigation as is necessary to verify the above and upon his
finding that the law is complied with he shall grant a new
license to such company to issue policies.

Section 154M.. Every such company shall adopt by-laws for
its government, which shall fix the date of its annual meeting,
shall specify the method of calling special meetings, shall state
the number of directors and the terms for which they shall hold
office and may provide for the division of its board of directors
into two, three or four classes and the election thereof at its
annual meetings in such manner that the members of one class
only shall retire and their successors be chosen each year; shall
state what officers, if any, other than president, secretary and
treasurer may be chosen; shall provide for filling vacancies in
any office and in the board of directors for the unexpired term;
may provide for an investment committee from the directors;
shall fix the contingent mutual liability of the members and
shall make proper provision for alteration and amendment of
such by-laws; shall provide a seal of the corporation and give
a description of the same; and nothing in such by-laws shall
be of any force or effect, if contrary to any specific or general
statute.

Section 154N. Every such company shall elect by ballot a
board of not less than five directors, who shall manage and
conduct its business and who shall hold office for one year or for