INSURANCE. 1839

annually, or the equivalent thereof, whether the payments be stipulated
to be made annually, or at shorter or longer intervals, upon any contract
of annuity in which the continuance of any one life, whether singly or in
connection with other lives jointly or in succession, or combined in any
way whatsoever, or during sickness or disability, is involved as an ele-
ment of the contract, may be formed subject to the provisions of this
article applicable to life insurance companies and not inconsistent here-
with, on the mutual, co-operative, assessment or stock plan. Any such com-
pany formed on the mutual, co-operative or assessment plan, shall not
be entitled to receive a certificate of authority to transact such business,
or issue any benefit certificate, or pay or allow, or offer or promise to pay
or allow to any person any death, endowment or disability benefit until
actual bona fide applications for death benefit certificates shall have been
secured upon at least five hundred lives for the aggregate amount of at
least twenty thousand dollars. All such companies formed on the capital
stock plan, except those authorized and referred to in section 100, shall,
before being entitled to receive a certificate of authority to transact such
business, have a paid-up capital of at least fifty thousand dollars, and all
such companies, except those authorized and referred to in said section
100, whether formed on the mutual, co-operative, assessment or capital
stock plan, shall be possessed of and constantly maintain a sum of money
not less in amount than fifty thousand dollars, or interest or dividend-
paying securities of equal market value, not in default, which shall be
deposited with the commissioner as provided by section 20.

1922, ch. 492, sec. 96.

99. Conversion of Mutual Life to Stock Company. Any life, accident
or health insurance company heretofore incorporated under the laws of
this State without capital stock, and whether conducted upon the mutual,
legal reserve, cooperative 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 prescrib-
ing the form and manner of making amendments to articles of incorpora-
tion, upon complying with the following conditions and regulations:
Notice of the proposal so to change the form of the corporate organization
and of the meeting of the members of the corporation, its policy holders
or certificate holders, or by whatever name its members are known, to be
held for the purpose of taking action thereon, shall be given by publica-
tion 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 pub-
lished 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 concurrence
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