PHILLIPS LEE GOLDSBOROUGH, ESQ., GOVERNOR. 581

amount of said capital stock, and the par value, and number
of the shares thereof; but said corporation shall not, however,
begin the prosecution of any business as a joint stock corpora-
tion, until the amount of capital stock, as determined by the
board of directors, shall have been subscribed and paid for in
accordance with the laws governing the formation of corpora-
tions; and shall have been invested in the securities of the
United States, of the State of Maryland or the City of Balti-
more, or in such securities as may be prescribed by the insur-
ance laws of this State, and deposited with the proper official
of this State to guarantee the payment of policies issued by
said company, and thereupon the stockholders may elect not
less than five nor more than twenty-five directors from among
themselves, to hold office until the ensuing annual meeting, or
until their successors shall have been duly elected and quali-
fied, and the directors so elected of said company, when it
shall have been organized, may and they are hereby authorized
and empowered to have and to exercise in the name of and on
behalf of the company, all rights and privileges which are
intended to be hereby given; and it is hereby made the duty
of the insurance commissioner, upon request and payment at
the usual rates for said work, to ascertain the interest in said
assets of all the members of the mutual company who have
not given their consent as aforesaid to the change of said com-
pany into a stock company; but said interest shall not exceed
the full legal reserve ascertained according to law now in force
in the State of Maryland, standing on the books of the company
to the credit of such dissenting policy holder, and this interest
so ascertained shall be paid over to such non-assenting members,
and upon payment or tender to them of said interest so ascer-
tained, their membership shall cease and be determined, and
the balance of said assets, less the provisions made above for
the protection of outstanding mutual policy holders, may be
deposited with the treasurer or insurance commissioner of
Maryland for the guarantee capital for the payment of the
policies issued by said company, as required- by section 149
and section 176 of this article, and the mutual policies and all
rights and liabilities attached thereto, and all the powers and
obligations of the company with reference to the same, shall
survive so long as said policies shall remain in force, except
that such policies shall be thereafter considered as policies for
the largest amount, which, according to their terms, might be
payable thereunder in case the assessments provided for should
yield a sufficient amount to pay the same, and if any certain
number of assessments be specified upon said policies as pay-