HERBERT R. O'CONOR, GOVERNOR. 681

ficiary under the new certificate being left to the child so
admitted to benefit membership. An entirely separate finan-
cial statement of the business transactions and of assets and
liabilities arising therefrom shall be made in its annual report
to the insurance commissioners by any society availing itself
of the provisions hereof. The separation of assets, funds and
liabilities required hereby shall not be terminated, rescinded
or modified, nor shall the funds be diverted for any use other
than as herein specified as long as any certificates issued here-
under remain in force, and this requirement shall be recog-
nized and enforced in any liquidation, reinsurance, merger or
other change in the condition or status of the society.

No fraternal association or society shall be permitted
to continue business in this State after June 1st, 1927, whose
last examination or annual report shows that it is less than
ninety per cent (90%) solvent.

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

Approved May 4, 1943.

CHAPTER 549.
(House Bill 539)

AN ACT to repeal and re-enact, with amendments, Section 157
of Article 48A of Flack's Annotated Code of Maryland (1939
Edition), as amended by Chapter 836 of the Acts of 1941,
title "Insurance", sub-title "Mutual Insurance Companies",
providing for the qualification and admission of foreign mu-
tual insurance companies.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Section 157 of Article 48A of Flack's Annotated
Code of Maryland (1939 Edition), as amended by Chapter
836 of the Acts of 1941, title "Insurance", sub-title "Mutual
Insurance Companies", be and the same is hereby repealed and
re-enacted, with amendments, to read as follows:

157. ADMISSION OF FOREIGN COMPANIES. Any mutual insur-
ance company organized outside of this State and applying
for authority to transact the business of insurance on the
mutual plan in this State, shall be admitted and licensed,
subject to the approval of the Insurance Commissioner, as
aforesaid, to transact the kinds of insurance authorized by its
charter or articles of incorporation to the extent and with the