580 LAWS OF MARYLAND. [Ch. 410]

authorized and directed to issue his warrant upon the treas-
urer of Maryland for the sum of eighty dollars and ninety-four
cents ($80.94) in favor, of the Union Mills Savings Bank of
Carroll County, Maryland, in settlement of its claim for taxes
erroneously paid by it into the Treasury of the State for the
years 1900, 1901, 1902, 1903, 1904, 1905, 1906, 1907, 1908
and 1909.

SEC. 2. And be it enacted, That this act shall take effect
from the date of its passage.
Approved April 8, 1912.

CHAPTER 410.

AN ACT to repeal and re-enact, with amendments, section 147
of Article 23 of the Code of Public General Laws of Mary-
land of 1904, title "Corporations," sub-title "Insurance Com-
panies."

SECTION 1. Be it enacted, by the General Assembly of Mary-
land, That section 147 of Article 23 of the Code of Public Gen-
eral Laws of Maryland of 1904, title "Corporations," sub-title
"Insurance Companies," be and the same is hereby repealed
and re-enacted with amendments, so as to read as follows:

SEC. 147. Any mutual, legal reserve or co-operative assess-
ment life, accident or health insurance company heretofore
incorporated, after having given notice, once a week for six
weeks, of its intention to do so, and of the meeting hereinafter
provided for, in two daily newspapers (if there be that many),
published in the county or city where such corporation is
located, may, with the consent of a majority of the policy hold-
ers of the corporation present at such meeting and voting in
person or by proxy, and the consent of three-fourths of its direc-
tors, become a joint stock corporation, subject to the existing
laws of this State applicable to such corporations. The policy
holders of such corporation shall have the first right to sub-
scribe to said stock, subject to such equitable regulations as the
directors may prescribe; but all such subscriptions must be
made in cash and at not less than par. The assets, if any,
and the liabilities of the mutual company, shall thereupon be
and become the assets and liabilities of the stock company,
except so far as herein otherwise provided. The directors of the
mutual company, acting at the time of such meeting, having
obtained the necessary consent of its directors and policy holders
to such change, shall have the authority to fix the aggregate