2182 ARTICLE 48A

financial statement of the business transactions and of assets and liabilities
arising therefrom shall be made in its annual report to the insurance com-
missioners by any society availing itself of the provisions hereof. The
separation of assets, funds and liabilities required hereby shall not be
terminated, rescinded or modified, nor shall the funds be diverted for any
other use other than as herein specified as long as any certificates issued
hereunder remain in force, and this requirement shall be recognized and
enforced in any liquidation, reinsurance, merger or other change in the
condition or status of the society.

No fraternal association and/or society shall be permitted to continue
business in this State after June 1st, 1927, whose last examination or
annual report shows that it is less than ninety per cent. (90%) solvent.

Installment Accumulation Contracts.

1931, ch. 530, sec. 184.

218. (Definitions.) Whenever used in this sub-title the following shall
be construed as follows:

The term "company" when used in this sub-title shall be deemed to
include any individual, firm, partnership, association, trust, including a
common law trust, corporation heretofore or hereafter formed under the
laws of this State or any other State or territory of the United States or
any foreign State or country.

The term "contract" when used in this sub-title shall include any bond,
note, certificate, obligation, annuity agreement or passbook evidenced by
writing, or other agreement to pay money.

The term "Commissioner" when used in this sub-title shall mean the
Insurance Commissioner of the State of Maryland.

1931, ch. 530, sec. 185.

219. (Licenses.) No company shall hereafter engage or continue,
either directly or indirectly, in the business of issuing, negotiating, offer-
ing for sale or selling any contract payable on the installment plan, with or
without definite maturity dates, which contracts contemplate the accumu-
lating of money or funds for making loans or investments and undertaking
or agreeing to pay or deliver at any future time any sum of money, con-
tract, or other thing of value, without first having obtained a license as
provided in this sub-title.

Every company desiring to obtain a license under the provisions of this
sub-title shall file with the Commissioner an application in writing in
such form as may be prescribed by him. In case of a foreign company
there shall be filed with the Commissioner a copy of its charter, declaration
of organization or deed of settlement, if there be such, duly certified by
the proper officer of its home state. Such foreign company shall also file
with the Commissioner a power of attorney, appointing the Insurance
Commissioner of the State of Maryland as agent or attorney for the com-
pany, upon whom process of law may be served, together in the case of a
company having directors with a certified copy of the vote or resolution of
the directors appointing such attorney. Said writing or power of attorney
shall stipulate and agree on the part of the company making the same, that
any lawful process against said company which is served on such agent
shall be of the same legal force and validity as if served on such company
within this State, and also that in the case of death or absence of the