ART. 23.] INSURANCE COMPANIES. 593

given notice once a week for six weeks of its intention to do
so, and of the meeting hereinafter provided for, in two daily
newspapers published in the county or city where such cor-
poration is located, may, with the consent in writing of two-
thirds of the members of such corporation, and the consent of
three-fourths of its directors, become a joint stock corporation,
subject to the existing laws of this State applicable to such
corporations. The policy holders of said company shall have
the first right to subscribe to said stock, subject to such
equitable regulations as the directors may prescribe; but all
such subscriptions must be made in cash and at not less than
par. The assets, if any, and the liabilities of the mutual
company shall thereupon be and become the assets of the
stock company, except so far as herein otherwise provided;
but it is hereby made the duty of the insurance commissioner,
upon request and payment for said work at the usual rates, to
ascertain the interest in said assets of all the members of the
mutual company who have not given their consent as aforesaid
to the change of said company into a stock company, and this
interest so ascertained shall be paid over to such non-assenting
members, and upon payment or tender to them of said interest
so ascertained their membership shall cease and be determined,
and the balance of such assets, less the provision made above
for the protection of outstanding mutual policy holders, may
be deposited with the treasurer or the insurance commissioner
of Maryland, as guarantee capital for the payment of the
policies of insurance issued by said company, as required by
section 149 and section 176 of this article; and the mutual
policies, and all the rights and liabilities attached thereto, and
all the powers and obligations of the company with reference
to the same, shall survive so long as said policies shall remain
in force, except that such policies shall be thereafter considered
as policies for the largest amount which, according to their
terms, might be payable thereunder in case the assessment
provided for should yield a sufficient amount to pay the same ;
and if any certain number of assessments be specified upon
said policies as payable by the holders thereof, the company
shall not be entitled to levy any further assessments, even
although such rights may have been expressly reserved in the
policy; provided, however, that before any such company
shall be entitled to do business as a stock company as afore-
said, the insurance commissioner shall, upon request, value

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