ART. 23] INSURANCE COMPANIES. 209

Where such an approved or certified scheme of compensation benefit
or insurance is in effect the employer shall answer all inquiries in regard
thereto as may be required by the State Industrial Commission.
As to workmen's compensation, see article 101.

1904, art. 23, sec. 147. 1898, ch. 226. 1902, ch. 131, sec. 114A.
1912, ch. 410. 1914, ch. 729.

155. Any life, accident or health insurance company or association
heretofore incorporated under the laws of this State without capital
stock, and whether conducted upon the mutual, legal reserve, co-opera-
tive or assessment plan, may with the consent of at least three-fourths
of its directors become a stock corporation, subject to' the laws of this
State applicable to such corporations, and those prescribing the form
and manner of making amendments to articles of incorporation, upon
complying with the following conditions and regulations,:—Notice of
the proposal so to change the form of the corporate organization and of
a meeting of the members of the corporation, its policy holders or cer-
tificate holders, or by whatever name its members are known, to be held
for the purpose of taking action thereon shall be given by publication
stating the time, place and object of said meeting, once a week for six
consecutive weeks in at least one newspaper of general circulation pub-
lished in the city or county in which said corporation has its principal
place of business, and in at least two such newspapers if so many are
published in said city or county.

At such meeting there shall be required in order to effect the change
proposed the affirmative vote in person, or the consent in writing, of at
least two-thirds of all the members of the corporation and the concur-
rence of at least three-fourths of the directors. At such meeting if the
proposed change be approved the amount of the capital stock of the
corporation shall be fixed within the limits prescribed by law for such
corporations and especially subject to the provisions of Sections 157 and
193 of this Article, and the par value of the shares and the number of
shares into which the capital stock is to be divided shall also be deter-
mined. The members, policy holders or certificate holders of such cor-
poration shall have the first right to subscribe to said stock, subject to
such equitable regulations as the directors may prescribe, but .all sub-
scriptions for shares of stock must be made and paid for in cash and at
a price not less than par. Upon the completion of its reorganization as
a stock company the assets, if any, of such corporation and its liabilities
shall be and become the assets and liabilities of the stock company except
so far as herein otherwise provided. Said company, however, shall not
be entitled to do any business as a stock corporation, until the amount
of capital stock, determined as herein provided and as authorized by
law, shall have been subscribed and paid for at not less than par and in
accordance with the laws governing the formation of corporations, and
shall have been invested in an amount equal to the par value of such
stock, in the securities of the United States, of the State of Maryland or
14