|
|
|
|
|
|
|
112 CORPORATIONS. [ART. XXIII
Gas and Electric Light Companies.
150.
This section referred to in deciding that if a municipality has the power
to grant a franchise and a public service company uses the streets with
the knowledge of such municipality, the latter may in a proper case be
estopped from asserting the invalidity of the grant of the franchise; so
far at least as concerns its own failure to pass an ordinance or to effectu-
ate the grant. Hagerstown v. Hagerstown Rwy. Co., 123 Md. 100.
Insurance Companies.
1916, ch. 195.
154K. Any such association formed under the provisions of Sec-
tions 154A-B-C-D-E-F-G and H of Article 23 of the Code of Pub-
lic General Laws of Maryland of 1914 shall be exempt from the pay-
ment of the license fee provided in Section 189 of Article 23 of the
Code of Public General Laws of Maryland of 1910.*
1916, ch. 256, sec. 154L. 1918, ch. 400, sec. 154L.
154L. No purely mutual fire insurance company, or mutual fire
insurance company with guaranty capital of less than one hundred
thousand dollars, hereafter organized or incorporated, shall issue any
policy or contract or begin or transact any business of insurance in
this State, until agreements with not less than one hundred applicants
have been entered into for at least two hundred and fifty thousand
dollars of insurance, no one risk of which for the purpose of complying
with these requirements, shall be allowed for a sum in excess of five
thousand dollars, the premiums on which insurance sljall amount to not
less than two thousand five hundred dollars, of which one thousand
dollars shall have been paid in in cash, and notes of solvent parties
ifhall have been received for the remainder, and a list of subscribers for
insurance, showing the amount of insurance taken and premium paid or
note given by each, and such other information as the Insurance Com-
missioner may require, shall have been filed with the said Commis-
sioner; nor until the President and Secretary of the Company shall
have certified under oath that every subscription for insurance in the
list so filed is genuine and made with an agreement with every sub-
scriber for insurance that he will take the policies subscribed for by
him within, thirty days of the granting of the license to the company
1o issue policies; nor until application therefor shall have been made
10 the Insurance Commissioner and a license granted to said company
by said Commissioner authorizing it to issue policies and transact the
business of a mutual fire insurance company. Said Commissioner may
withhold the granting of such license to any such company applying
as aforesaid until he shall have satisfied himself by such examination
as he shall deem requisite that said company shall have complied with
*The act of 1916, chapter 195, places section 154K under the sub-title "Insur-
ance Department," whereas "Insurance Companies" was evidently intended.
|
|
|
|
|
|
|
|
 |
