1606 LAWS OF MARYLAND. [Ch. 824]

SEC. 13A. (Powers Retained—Reincorporation---Amend-
ments.) Any association now engaged in transacting business
in this State may exercise, after the passage of this act, all of
the rights conferred thereby, and all of the rights, powers and
privileges now exercised or possessed by it under its charter or
articles of incorporation not inconsistent with this act, if incor-
porated; or, if it be a voluntary association, it may incorpo-
rate hereunder. But no association already organized shall be
required to reincorporate hereunder, and any such association
may amend its articles of incorporation from time to time in
the manner provided therein, or in its constitution and laws,
and all such amendments shall be filed with the Insurance
Commissioner and shall become operative upon such filing,
unless a later time be provided in such amendments or in its
articles of incorporation, constitution or laws.

SEC. 14A. (Mergers and Transfers.) No domestic asso-
ciation shall merge with or accept the transfer of the member-
ship or funds of any other association unless such merger or
transfer is evidenced by a contract in writing, setting out in
full the terms and conditions of such merger or transfer, and
filed w.ith the Insurance Commissioner of this State, together
with a sworn statement of the financial condition of each of
said associations by its president and secretary, or correspond-
ing officers, and a certificate of such officers, duly verified
under oath of said officers of each of the contracting associa-
tions, that such merger or transfer has been approved by a vote
of two-thirds of the members of the supreme legislative or
governing body of each of said associations. Upon the submis-
sion of said contract, financial statements and certificates, the
Insurance Commissioner shall examine the same, and, if he
shall find such financial statements to be correct and the said
contract to be in conformity with the provisions of this section,
and that such merger or transfer is just and equitable to the
members of each of said associations, he shall approve said
merger or transfer, issue his certificate to that effect and there-
upon the said contract of merger or transfer shall be of full
force and effect.

In case such contract is not approved, the fact of its submis-
sion and its contents shall not be disclosed by the Insurance
Commissioner.

SEC. 15A. (Annual License.) Associations which are now
authorized to transact business in this State may continue such
business until the first day of January next succeeding the pas-
sage of this act, and the authority of such association may
thereafter be renewed annually, but in all cases to terminate