ART. 23] INSURANCE DEPARTMENT. 231

tion of any one life or combination of lives, or a greater sum than
seventy-five dollars ($75.00) annually, or the equivalent thereof,
whether the payments be stipulated to be made annually, or at longer
or shorter intervals, upon any contract or contracts of annuity in which
the continuance of any one life, whether singly or in connection with
other lives conjointly or in succession, or combined in any way what-
soever, or during sickness or disability, is involved as an element of
the contract, may be formed on the mutual, co-operative, assessment or
stock plan; and if on the latter plan, shall have paid-up capital of at
least fifty thousand dollars, e'xcept as hereinafter otherwise provided,
and such companies, whether formed on the mutual, co-operative, assess-
ment or stock plan, shall be possessed of and constantly maintain a
sum of money not less in amount than fifty thousand dollars, or in
interest or dividend-bearing securities of equal market value, and not
in default for interest or dividend, which shall be deposited with the
Insurance Commissioner of this State upon the terms prescribed for
the deposits made with the Treasurer of this State, mentioned in Sec-
tion 157 of this Article; provided, nevertheless, that such mutual, co-
operative or assessment industrial insurance societies, association or
companies, organized and doing business in this State prior to January
1st, 1914, and having a bona fide membership of not less than 500 per-
sons, as shall, prior to July 1st, 1915, reorganize as stock corporations
under the provisions of Section 155 of this Article and comply with
all the requirements and provisions of said Section, may have a paid-up
capital less than fifty thousand dollars ($50,000.00), hut not less than
ten thousand dollars ($10,000.00), provided that in no case shall the
assets of such company, including capital stock actually paid in, at any
time be insufficient for* provide full legal reserve upon all outstanding
policies as required by law, over and above all other bona fide debts
and claims against it; and provided, further, that no such company
having a paid-up capital stock less than fifty thousand dollars ($50,-
000.00) shall issue any certificate or other form of contract for the
payment of money in the aggregate of a greater sum than five hundred
dollars ($500.00) upon the termination of any one life or combination
of lives, or a greater sum than seventy-five dollars ($75.00) annually,
or the equivalent thereof, upon any contract of annuity or during sick-
ness or disability. And provided, further, that any company organ-
ized prior to January first, 1914, and now doing business in this State,
which has a paid-up capital stock of fifty thousand dollars ($50,000.00),
or has on deposit with the Insurance Commissioner of this State securi-
ties as above described amounting to fifty thousand dollars ($50,000),
shall be authorized to issue certificates or policies up to, but not in
excess of one thousand dollars ($1,000), on any one life or combina-
tion of lives.

* Evidently a typographical error in the act.