230 CORPORATIONS. [ART. 23

guaranty, contract or pledge for the payment of annuities or endow-
ments or money, whether the amount thereof be fixed or contingent,
to the families or representatives of any policy or certificate holder,
or the like, or shall advertise or circulate any card, circular, notice, or
open or keep any office for the transaction of said business, except an
insurance broker, duly licensed, without fully complying with all the
provisions of this sub-title of this Article, shall be subject to the fines
and penalties imposed by section 205 of this Article; and the term
"Insurance Company" as used in this Article, shall be taken to
embrace every corporation, association, partnership or individual engag-
ing in any such business; and every such corporation, association, part-
nership or individual making any engagement for the payment of
money or other benefits in the event of sickness, accident or death, or
other contingency, either to the member, policy or certificate holder,
or by whatsoever name the same may be known, or to their families or
representatives, or entering into any contract or agreement in which
the chances or probabilities of the duration of life, or the rate of mor-
tality or hazard of occupation are in any way involved as an element
or condition of such contract or agreement, shall be deemed and taken
to be a life insurance company within the meaning of this Article, and
shall be subject to all the requirements of law applicable to said life
insurance company; provided that the said business may be conducted
on the mutual or co-operative plan, but that no such company or associa-
tion shall issue any benefit certificate, or pay or allow, or offer or prom-
ise to pay or allow to any person any death or disability benefit until
actual bona fide applications for death benefit certificates have been
secured upon at least five hundred (500) lives for the aggregate amount
of at least twenty thousand dollars ($20,000), and said company or
association, in addition thereto, shall have complied with the seven
following Sections of this Article for said mutual or co-operative organ-
ization; provided, that nothing herein contained shall be construed to
apply to the granting of relief or benefits to members or their families
by any societies of a purely and exclusively religious, charitable or
benevolent description, which are not operated with a view to a profit by
their officers or members.

See notes to this section (as it stood in 1911) in volume 1 of the Anno-
tated Code.

1904, art. 23, sec. 176. 1888, art. 23, sec. 128. 1888, ch. 424. 1892, ch. 488.
1894, ch. 256. 1902, ch. 338. 1914, ch. 813.

193. Organizations, as described in Section 192, issuing certificates
for the payment of money or other benefits in the event of sickness,
accident or death or other contingency, either to the member, policy
or certificate holder, or by whatsoever name the same may be known,
or to their families or representatives, but issuing no certificate, certifi-
cates or any other form of contract of payment in the aggregate of a
greater sum than one thousand dollars ($1,000.00), upon the termina-