INSURANCE 2173

invested as required by the laws of the State, territory, district, country or
province where it is organized, For each such license or renewal the asso-
ciation shall pay the Commissioner twenty-five dollars. When the Com-
missioner refuses to license any association or revokes its authority to do
business in this State he shall reduce his ruling, order or decision to writ-
ing and file the same in his office, and shall furnish a copy thereof, to-
gether with a statement of his reasons, to the officers of the association
upon request, and the action of the Commissioner shall be reviewable by
proper proceedings in any court of competent jurisdiction within the
State; provided, however, that nothing contained in this or the preceding
section shall be taken or construed as preventing any such association from
continuing in good faith all contracts made in this State during the time
such association was legally authorized to transact business herein; pro-
vided, 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
June 30, 1929.

1935, ch. 288, sec. 162A.

197. (Reincorporation of Foreign Associations.) Any fraternal bene-
ficiary association incorporated under the laws of any other State and
licensed to do business in this State, which has assets in excess of the
required reserve liability when its outstanding certificates or contracts are
valued on the American Experience Table of Mortality with an interest
assumption of not more than four per centum per annum or upon some
higher standard, may become such fraternal beneficiary association incor-
porated under the laws of this State with a continuation without inter-
mission or cessation of all of its powers, rights, and privileges and of all
mutual existing corporate rights, obligations, liabilities, powers, contracts,
liens, privileges and duties at the time existing between said corporation
and its members. Its officers shall be continued in office for the terms for
which they are elected, with the same rights, responsibilities, liabilities,
duties, powers, and privileges as at the time enjoyed by and imposed upon
them, it being the purpose of this Section to extend and continue such
society or association as such corporation of this State, the same as if it
had in all respects originally been incorporated under the laws of this
State. In order to become such a corporation of this State, the officers of
such society or association, such as the board of control, trustees, directors,
council, executive council, or by whatever name known, when thereunto
duly authorized by its supreme representative or governing body, by
whatever name known, shall file with the Insurance Commissioner of this
State a copy of its articles of incorporation or charter under which it is
then operating, a copy of its constitution and laws and a copy of its
financial statement and valuation certified to by its actuary together with
a petition verified by its president and secretary or corresponding officer
asking that such fraternal beneficiary association be incorporated as a
fraternal beneficiary association of this State. Upon the filing of the
same with the Insurance Commissioner of this State, if he shall determine
that the facts stated in the petition and exhibits are true, upon the paying
of a fee of five hundred ($500.00) dollars therefor, such fraternal bene-
ficiary association shall immediately thereby become incorporated as a
fraternal beneficiary association of this State, and the Insurance Com-
missioner shall issue to it a Certificate of Incorporation as a fraternal