204 COBPOR-STIONS. [ART. 23

1914, ch. 489.

154A. No mutual insurance association or company hereafter incor-
porated under the provisions of this Article, for the purpose of insuring
employers against loss or damage resulting from accident to or injury
suffered by an employee or other person and for which the employer or
person insured is liable, or the liability of the employer to pay compen-
sation to his employees or for insuring payment of the compensation to
injured employees or their dependents under any Workmen's Compensa-
tion Law, or against loss or damage caused by a truck, wagon or other
vehicle propelled by steam, gas, gasoline, electric, mechanical or other
power or drawn by horses or mules used in trade or manufacture and
owned by any such employer or person to any other person or to the
property of another for which loss or damage the employer or person
insured is liable, or for insuring sick, old age, non-employment or other
benefits to such employees, shall begin or transact any such business of
insurance unless and until at least twenty employers, employing not less
than two thousand employees, have become members of such mutual
insurance association and applied for and agreed to take insurance there-
in, covering the liability of such employers to their employees for acci-
dents to or injuries suffered by such employees and assuring payment
of compensation to their employees or the dependents of their employees
for such injuries, nor until such facts have been certified under oath to
the State Insurance Commissioner by at least three of the persons sign-
ing the certificate of incorporation of such association and a license
authorizing such association to begin writing the insurance specified in
this section has been issued by the State Insurance Commissioner. Be-
fore granting any such license it shall be the duty of the State Insurance
Commissioner to ascertain to his satisfaction that the membership list
of the association is genuine, and that every member thereof will take
the policies as agreed by him within thirty days of the granting of the
license to such association to issue policies. If at any time 'the number

of members falls below twenty or the number of employees who are
employed by the members of any such association falls below two thou-
sand, no more policies shall be issued by such association until other

employers have made bona fide applications for insurance therein, who,
together with the existing members, amount to not less than twenty
employers who employ not less than two thousand employees, and in the

event that such applications for insurance shall not be obtained within
a reasonable time, to be fixed by the State Insurance Commissioner, said
Insurance Commissioner may take the proceedings against such associa-
tion under and as provided in sub-Section or division Seventh of Sec-
tion 178 of this Article (Bagby's Code).

The members of any such mutual insurance association shall be policy-
holders therein or contributors to the fund, and when any member ceases
to be a policy-holder or contributor to the fund he shall cease, at the
same time, to be a member of such association. A corporation, partner-
ship, association or joint stock company may become a member of such