592 CORPORATIONS. [ART. 25

of dollars, and except in the case of mutual insurance com-
panies shall not be less than one hundred thousand dollars ;
and at least one-fifth of the whole capital stock shall be paid
in before the said company shall be competent to transact the
business for which it shall have been incorporated.
Fraternal Alliance v. State, 86 Md. 560.

1888, art. 23, sec. 113. 1868, ch. 471, sec. 97.

145. Any corporation incorporated under this article for
insurance purposes, except for the insurance of the lives of
persons, is hereby authorized to include in its certificate of
incorporation as among the other objects and purposes for
which said corporation is formed, the following, that is to say :
to guarantee the payment, punctual performance, and collec-
tion of promissory notes, bills of exchange, contracts, bonds,
accounts, claims, rents, annuities, mortgages, choses in action,
evidences of debt, and certificates of property or value, and
the titles to property, real or personal, on such terms as may
be established by the board of directors of said company; to
receive on storage, deposit or otherwise, merchandise, bullion,
specie, plate, stock, bonds, promissory notes, certificates and
evidences of debt, contracts or other property, and to take the
management, custody and charge of real or personal estate or
property, and to advance money, securities and credits upon any
property, real, personal or mixed, on such terms and with all
such powers of sale and other disposition thereof as shall be
established by the charter or by-laws of such corporation; pro-
vided, that the corporate title of any company having among its
other purposes those enumerated in this section, shall designate
the same as a security, as well as an insurance company.
Fisher v. Parr, 92 Md. 275.

Ibid. sec. 114. 1868, ch. 471, sec. 98.

146. Corporations formed under the provisions of this article,
for insurance purposes, may be formed either as mutual or stock
companies, or as mutual and stock companies combined, as shall
be determined and declared in the certificate of incorporation of
said company.

1898, ch. 226. 1902, ch. 131, sec. 114 A.

147. Any mutual or co-operative assessment life, accident or
health insurance company heretofore incorporated, after having