1838 ARTICLE 48A.

the property of the company in whose name such policies, contracts or
obligations were written or assumed. No agent, collector, solicitor, super-
intendent or other employee or representative of any such company shall
barter, sell, give, transfer or in any manner switch, or offer or attempt
to barter, sell, give, transfer or in any manner switch to any person or
company any part of any debit of such company, or any policies or con-
tracts of such company, without the consent of said company first had in
writing.

1922, ch. 492, sec. 93.

96. Penalty for Violation of Sections 93, 94 and 95. Any insurance
company, agent, solicitor or broker, or any person whatsoever violating
any provision of sections 93, 94 and 95 shall, upon conviction, be sen-
tenced to pay a fine of not less than one hundred dollars or more than five
hundred dollars for each and every violation, or in the discretion of the
court, to an imprisonment for a period of not more than six months.

1922, ch. 492, sec. 94.

97. Impairment of Capital. In case it is found that any life insurance
company doing business in this state has not on hand, after deducting all
debts and claims against it, exclusive of capital stock, an amount of assets
of the character authorized by this article equal in value to the net present
value of all its policies in force, it shall be the duty of the commissioner
to publish the fact that the existing condition of the affairs of such com-
pany is below the legal standard of solvency established by this state, and
he shall require the company at once to cease doing new business and cause
a rigid examination in regard to all of the affairs of such company. If it
shall thereupon appear that said company is in such condition as to fall
below the legal standard of solvency established by this article, the com-
missioner shall not permit said company to continue in control of its busi-
ness, and it shall be his duty to at once institute the necessary proceed-
ings in accordance with the provisions of this article for the protection of
its policyholders, and to publish the results of the examination of such
company whenever he may deem it for the interest of the public to do so;
provided, however, th'at in case it shall appear that there is no fraud,
gross imcompetency or recklessness in the management of said company,
he may allow said company ninety days from the time of the completion
of said examination within which to reestablish its solvency, before insti-
tuting proceedings as herein provided.

1922, ch. 492, sec. 95.

98. Mutual Industrial Life Insurance Companies. Companies issuing
certificates for the payment of money or other benefits in the event of sick-
ness, accident or death, or other contingency, either to the members, policy
or certificate holders, or to their families or representatives, but issuing
no certificate or other form of contract of payment in the aggregate of a
greater sum than one thousand dollars upon the termination of any one
life or combination of lives, or a sum greater than seventy-five dollars