INSURANCE. 1867

tificate to be made and a certified copy of such record may be given in evi-
dence with like effect as the original certificate. No preliminary cer-
tificate granted under the provisions of this section shall be valid after
one year from this date, or after such further period, not exceeding one
year, as may be authorized by the insurance commissioner upon cause
shown, unless the five hundred applicants herein required have been se-
cured and the organization has been completed as herein provided, and
the articles of incorporation and all proceedings thereunder shall become
null and void in one year from the date of said preliminary certificate, or
at the expiration of said extended period, unless such association shall
have completed its organization and commenced business as herein pro-
vided. When any domestic association shall have discontinued business
for the period of one year, or has less than four hundred members its
charter shall become null and void.

Every such association shall have the power to make a constitution and
by-laws for the government of the association, the admission of its mem-
bers, the management of its affairs, and the fixing and readjusting of the
rates of contribution of its members from time to time; and it shall have
the power to change, alter, add to or amend such constitution and by-laws,
and shall have such other powers as are necessary and incidental to carry-
ing into effect the objects and purposes of the association.

1922, ch. 492, sec. 156.

159. Existing Corporation, Reincorporation. Any association now
engaged in transacting business in this State may exercise, after the pass-
age of this Act, all of the rights conferred thereby, and all of the rights,
powers and privileges now exercised or possessed by it under its charter
or articles of incorporation not inconsistent with this Article, if incorpor-
ated ; or, if it be a voluntary association, it may incorporate hereunder. But
no association already organized shall be required to reincorporate there-
under, and any such association may amend its articles of incorporation
from time to time in the manner provided therein, or in its constitution
and laws, and all such amendments shall be filed with the Insurance Com-
missioner and shall become operative upon such filing, unless a later time
be provided in such amendments or in its articles of incorporation, consti-
tution or laws.

1922, ch. 492, sec. 157.

160. Mergers and Transfers. No domestic association shall merge
with or accept the transfer of the membership or funds of any other asso-
ciation unless such merger or transfer is evidenced by a contract in writ-
ing, setting out in full the terms and conditions of such merger or transfer
and filed with the Insurance Commissioner of this State, together with a
sworn statement of the financial condition of each of said associations by
its president and secretary, or corresponding officers, and a certificate of
such officers, duly verified under oath of said officers of each of the con-
tracting associations, that such merger or transfer has been approved by a