2192 ARTICLE 48A

1937, ch. 224, see. 205.

240. (Investments.) Every corporation subject to the provisions of
this sub-title may invest its funds only in securities permitted by the laws
of this State for the investment of the assets of life insurance companies.

1937, ch. 224, sec. 206.

241. (Revocation of License.) Whenever the Insurance Commissioner
shall have reason to believe that any corporation subject to the provisions
of this sub-title is being operated for profit or fraudulently conducted, or is
not complying with the provisions of this sub-title, he shall be authorized
to revoke the certificate of authority or license theretofore granted, and
may at any time thereafter institute, or cause to be instituted, the necessary
proceedings under the laws of this State looking to the dissolution of in-
surance companies, and any dissolution or liquidation of a corporation
subject to the provisions of this sub-title shall be under the supervision
of the Insurance Commissioner.

1937, ch. 224, sec. 207.

242. (Penalties.) Any person or corporation engaging in the business
of operating Hospital Service Plans without first having procured a license
from the Insurance Commissioner, as required by this sub-title, and any
person or corporation violating any provisions of any section of this sub-.
title, shall be deemed guilty of a misdemeanor and shall be subject to a fine
of not less than One Hundred Dollars ($100.) or more than One Thousand
Dollars ($1,000.) for each and every such offense. Any person making
any wilfully false statement in any written document required by any sec-
tion of this sub-title to be filed with the Insurance Commissioner, or
while under oath administered by the Commissioner or any examiner at
any investigation or hearing conducted by said Insurance Commissioner
or examiner, shall be deemed to be guilty of perjury and shall be proceeded
against and punished as provided by the statutes of this State in relation
to the crime of perjury.

1937, ch. 224, sec. 208.

243. (Exempt from Taxation.) Every corporation licensed under the
provisions of this sub-title is hereby 'declared to be a charitable and benevo-
lent institution, and all of its funds shall be exempt from all and every
state, county, district and municipal tax, other than taxes on real estate
and office equipment.