2144 ARTICLE 48A

1937, ch. 196, sec. 98C.

129. No policy of industrial life insurance shall be issued or delivered
in the State of Maryland after the first day of January, 1938, if it contain
any of the following provisions:

(A) A provision limiting the time within which any action at law or in
equity may be commenced to less than that provided by the Statute of Limi-
tations under the General Laws of the State of Maryland.

(B) A provision to the effect that the agent soliciting the insurance is
the agent of the person insured under such policy, or making the acts or
representations of such agent binding upon the person so insured under the
said policy.

1937, ch. 196, sec. 98D.

130. No policy of industrial life insurance shall be issued or delivered
in the State of Maryland, or shall be issued by a Life Insurance Company
organized under the laws of Maryland, after the first day of January,
1938, unless such policy shall bear in bold letters upon its face a brief
description thereof.

1937, ch. 196, sec. 98E.

131. Any Life Insurance Company may, at the request of the policy-
holder, exchange, alter or convert any policy of life or endowment insur-
ance issued by it for or into any policy conforming (a) with the laws in
force when said first mentioned policy was issued, if the rewritten policy
bear the date thereof, or (b) with the laws in force when said exchange,
alteration or conversion is effected, if the rewritten policy bears a then cur-
rent date; provided, however, that if such rewritten policy bears the date
of said original policy, the amount of insurance under said rewritten policy
shall not exceed the amo'unt of insurance under'said original policy or
the amount of insurance which the premium paid f or the original policy
would have purchased, if the rewritten policy had been originally applied
for, whichever is greater.

An. Code, 1924, sec. 99. 1922, ch. 492, sec. 96.

132. (Conversion of Mutual Life to Stock Company.) Any life, acci-
dent 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 prescribing
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 policyholders 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.