642 ARTICLE 48A.

1933, ch. 580. 1935, ch. 24.

98A. Every policyholder of a Mutual Insurance Company engaged
in the business of Life, Accident and Health Insurance under the pro-
visions of this Article shall be a member of said Company while the
policy issued to such policyholder is in force. Every member of the Com-
pany shall be entitled to one vote or to such a number of votes based upon
the insurance in force, the number of policies held or the amount of pre-
mium paid, as may be provided in the By-Laws. Any such member may
vote either in person or by proxy, but no proxy which is dated more than
three months before the meeting at which it is offered shall be accepted
unless such proxy shall, on its face, name a longer period for which it is
to remain in force, or shall state that it is to remain in force as long as
said policyholder is a member of said Company. Any member may
revoke any such proxy at any time.

An. Code, 1924, sec. 100. 1922, ch. 492, sec. 97. 1927, ch. 313.
100. Companies Converted Prior to July 1, 1916. Such mutual, co-
operative or assessment industrial insurance companies, organized and
doing business in this State prior to January 1, 1914, as actually converted
prior to July 1, 1916, in conformity with the law providing for the con-
version of such companies, may have a paid-up capital less than fifty thou-
sand dollars, but not less than ten thousand dollars; provided, that in no
case shall the assets of any such company at any time be insufficient to
provide full legal reserve upon all outstanding policies as required by law,
over and above all bona fide debts and claims against it, exclusive of capital
stock; and provided further, that no such company having a paid-up cap-
ital stock less than fifty thousand dollars shall issue any certificate or other
form of contract for the payment of a greater sum of money in the agggre-
gate than one thousand dollars ($1, 000) upon the termination of any one
life or combination of lives.

102. Repealed by ch. 314 of the Acts of 1927.

1927, ch. 66S.

103 1/2. Whenever any individual residing in this State shall die leaving
no assets or property other than life insurance in an amount not exceeding
$150. 00, it shall be lawful for the Company or Association in which such
insurance may have been carried to pay the amount of said policy to those
otherwise entitled without the necessity of the grant of letters testamentary
or letters of administration, provided that the beneficiary or next of kin
of the deceased supply said Company or Association with an affidavit to
the effect that the only assets left by said decedent are the proceeds of life
insurance policies of not more than the amount specified.

Surety, Casualty, Liability and Compensation Insurance.

An. Code, 1924, sec. 10S. 1922, ch. 492, sec. 105. 1927, ch. 394, sec. 108-
108. Premium Reserve. Every company doing any of the classes of
business mentioned and embraced in section 105 shall be charged with and