ART. 23] CO-OPERATIVE ASSESSMENT COMPANIES. 615

which made a report to the said insurance commissioner for the
year 1897, may be only required to deposit with the insurance
commissioner, upon the terms above in this section mentioned,
the sum of five hundred dollars, before the first day of January,
1898, and to deposit as aforesaid an additional sum of five
hundred dollars before the first day of January in every year
thereafter, until they shall have each deposited, as aforesaid,
the full sum of ten thousand dollars. But should any of said
companies included within the terms of this proviso fail for
thirty days after the first day of any January as aforesaid, to
make the deposit of five hundred dollars in this proviso
required, such company shall be proceeded against by the
insurance commissioner in the manner provided in the seventh
paragraph of section 160 of this article; and provided, further,
that nothing in this section shall be construed to affect com-
panies which have been duly organized prior to April 28, 1902,
and which were doing business in this State prior to said date ;
and provided further, that whenever any company referred to
in this section shall elect to deposit with the said insurance
commissioner the sum of fifty thousand dollars, then said
company making said deposit shall have the right to issue
policies up to five thousand dollars on any one life.
Fraternal Alliance v. State, 86 Md. 556-558.

1898, ch. 468, sec. 128A.

177. Such organizations as are described in section 176 of
this article may, upon complying with the requirements con-
tained in said section, make such contracts of insurance as are
by said section allowed, both of adults and infants; provided,
however, that in all cases of the insurance of infants, some
adult shall become responsible for all obligations of said infant
to said organization.

1888, art. 23, sec. 129. 1888, ch. 424.

178. Organizations not excepted, as described in section 175,
not having heretofore filed an annual statement in or with the
insurance department of this State, shall hereafter file an
annual statement as required by law, except that they shall
severally file their first report on or before June first, eighteen
hundred and eighty-eight, showing the assets, liabilities, num-
ber of policies in force and amount thereof for the year end-
ing December thirty-first, eighteen hundred and eighty-seven.