830

LAWS OF MARYLAND.

power to
make by-laws,
etc.

such by-laws and regulations as shall seem necessary for the
government and management for said corporation, and to alter
and repeal the same at pleasure, and shall have and exercise
all rights, powers and privileges which corporate bodies may
lawfully possess for the purposes mentioned in this Act.

SEC. 3. And be it further enacted, That the said corporation
shall have the power to maintain and accumulate a reserve
fund, the principal of which shall be held for the sole purpose
of guaranteeing the performance of the obligations and con-
tracts entered into by said corporation.

When
guaranteefund
accumulated,
authorized to
contract for
life, health
and accident
insurance.

SEC. 4. And be, it further enacted, That upon producing proof
to the Insurance Commissioner of the State of Maryland that
the said corporation has accumulated a guarantee fund as
aforesaid, amounting to at least the full legal reserve required
by the State of Maryland, invested in the securities of the
United States, or the State of Maryland, or of the City of
Baltimore, and approved by the Insurance Commissioner of
the State of Maryland (the Insurance Comissioner's certificate
whereof may be filed and recorded among the corporation
records of Baltimore City), said corporation shall have the
power to make all contracts whatsoever pertaining to the busi-
ness of life, health and accident insurance which are authorized
to be made by any other insurance company doing business in

Proviso.

this State; provided no policy be issued upon any one life for
a greater amount than one thousand dollars, the respective
rights and obligations of said organization and of the insured
to be fully set out in the policies, or certificates to be issued
by it; provided, however, that the said corporation shall at all
times maintain in said reserve or guarantee fund a sufficient
reserve under the laws of Maryland for all policies of life in-
surance issued by it which may be outstanding; provided that
said corporation shall be subject at all times to the provisions
of the Acts of eighteen hundred and ninety -two, Chapters
109 and 279, or amendments or supplements thereto.

May establish
branch offices.

SEC. 5. And be it further enacted, That the principal office
of said corporation shall be in Baltimore city, but branch
offices may be established elsewhere in the United States of
America.

SEC. 6. And be it further enacted, That this Act shall take
effect from the date of its passage.

Approved April 7, 1900.