21Y2 ARTICLE 48A

find such financial statements to be correct and the said contract to be in
conformity with the provisions of this section, and that such merger or
transfer is just and equitable to the members of each of said associations,
he shall approve said merger or transfer, issue his certificate to that effect,
and thereupon the said contract or merger or transfer shall be in full force
and effect.

In case such contract is not approved, the fact of its submission and its
contents shall not be disclosed by the Insurance Commissioner.

An. Code, 1924, sec. 161. 1922, ch, 492, sec. 158. 1927, ch. 394, sec. 161.

195. (Annual License.) Associations which are now authorized to
transact business in this State may continue such business until the first day
of July, 1927, and the authority of such associations may thereafter be re-
newed annually, but in all cases to terminate on the first day of the suc-
ceeding, July; provided, however, that license shall continue in full force
and effect until the new license be issued or specifically refused. For each
such license or renewal the association shall pay the Insurance Commis-
sioner twenty-five dollars. A duly certified copy or duplicate of such li-
cense shall be prima facie evidence that the licensee is a fraternal bene-
ficiary association within the meaning of this Article; provided, however,
that all such licenses to be issued January 1, 1928, shall be issued and paid
for pro rata for the period of eighteen months ending July 30, 1929.

An. Code, 1924, sec. 162. 1922, ch. 492, sec. 159. 1927, ch. 394, sec. 162.

196. (Admission of Foreign Associations.) No foreign association now
transacting business organized prior to the passage of this Act which is
not now authorized to transact business in this State shall transact any
business herein without a license from the Insurance Commissioner. Any
such association shall be entitled to a license to transact business 'within
this State upon filing with the Commissioner a duly certified copy of its
charter or articles of association; a copy of its constitution and laws certi-
fied by its secretary or corresponding officers; a power of attorney to the
Commissioner as hereinafter provided; a statement of its business under
oath of its president and secretary, or corresponding officers in the form
required by the Commissioner, duly verified by an examination made by
the supervising insurance official of its home State or other State satis-
factory to the Insurance Commissioner of this State; a certificate from the
proper official in its home State, province or country that the association is
legally organized; a copy of the contract, which must show that benefits
are provided for by periodical or other payments by persons holding similar-
contracts ; and upon furnishing the Commissioner such other information
as he may deem necessary to a proper exhibit of its business and plan of
working, and upon showing that its assets are invested in accordance with
the laws of the State, territory, district, province or country where it is
organized, he shall issue a license to such association to do business in this
State until the first day of the succeeding July; and such license shall,
upon compliance with the provisions of this Article, be renewed annually,
but in all cases to terminate on the first day of the succeeding July; pro-
vided, however, that license shall continue in full force and effect until the
new license be issued or specifically refused. Any foreign association de-
siring admission to this State shall have the qualifications required of
domestic associations organized under this Article, and have its assets