606 CORPORATIONS. [ART. 23

1904, art. 23, sec. 147. 1898, ch. 226. 1902, ch. 131, sec. 114 A.

155. Any mutual or co-operative assessment 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 published in the
county or city where such corporation is located, may, with the consent
in writing of two-thirds of the members of such corporation, and the
consent of three-fourths of its directors, become a joint stock corpora-
tion, subject to the existing laws of this State applicable to such cor-
porations. The policy holders of said company shall have the first right
to subscribe 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 of the
stock company, except so far as herein otherwise provided; but it is
hereby made the duty of the insurance commissioner, upon request and
payment for said work at the usual rates, 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 company into a
stock company, 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 ascertained their membership shall cease and be deter-
mined, and the balance of such assets, less the provision made above
for the protection of outstanding mutual policy holders, may be depos-
ited with the treasurer or the insurance commissioner of Maryland,
as guarantee capital for the payment of the policies of insurance issued
by said company, as required by section 157 and section 193 of this
article; and the mutual policies, and all the 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 assessment provided for should yield
a sufficient amount to pay the same; and if any certain number of assess-
ments be specified upon said policies as payable by the holders thereof,
the company shall not be entitled to levy any further assessments, even
although such rights may have been expressly reserved in the policy;
provided, however, that before any such company shall be entitled to do
business as a stock company as aforesaid, the insurance commissioner
shall, upon request, value the assets of the said company and its out-
standing policies, and shall find and give his certificate that the admitted
assets of said company, including its capital stock, are sufficient to pro-
vide reserve upon all outstanding policies as required by the laws of
this State in relation to insurance companies.

Ibid. sec. 148. 1888, art. 23, sec. 115. 1868, ch. 471, sec. 99.

156. Every corporation formed under the provisions of this article
for the purposes of life insurance is hereby authorized also to insure