326 LAWS OF. MARYLAND. [CH. 307

thousand dollars, and exceed the amount required for legal
reserves and all other liabilities by not less than one hundred
thousand dollars; (e) shall have deposited with the Treasurer
of the State of Maryland cash, or securities of the character
referred to in Section-19, having a market value of not less
than one hundred thousand dollars (f 100, 000. ) for the pro-
tection of all of its policy holders. The aforesaid deposit shall
at all times be maintained in an amount at least equal to the
minimum above referred to.

SEC. 2. And be U further enacted, That this Act shall take
effect June 1, 1943.

Approved April 30, 1943.

CHAPTER 307.
(House Bill 27)

AN ACT to repeal and re-enact, with amendments, Section 133
of Article 48A of Flack's Annotated Code of Maryland (1939
Edition), as amended by Chapter 293 of the Acts of 1941,
title "Insurance", sub-title "Life, Accident and Health Insur-
ance", relating to the forfeiture of the charter of companies
converted prior to July 1, 1916, in the event of sale or transfer
of its assets or reinsurance of its outstanding business.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Section 133 of Article 4SA of Flack's Annotated
Code of Maryland (1939 Edition), as amended by Chapter 293
of the Acts of 1941, title "Insurance", sub-title "Life, Accident
and Health Insurance", be and the same is hereby repealed and
re-enacted, with amendments, to read MS follows:

133. COMPANIES CONVERTED PRIOR TO JULY 1, 1916. The
charter or certificates of incorporation of any mutual, co-
operative or assessment industrial insurance company, organ-
ized arid doing business in this State prior to January 1, 1914,
that actually converted prior to July 1, 1916, in conformity
with the law providing for the conversion of such companies,
shall become null and void, and shall be forthwith forfeited
in the event said company shall sell or transfer all of its
assets to, or re-insure all of its outstanding business with
another company, or voluntarily or involuntarily retire from
business.

SEC. 2. And be it further enacted, That this Act shall take
effect June 1, 1943.

Approved April 30, 1943.