346

LAWS OF MARYLAND.

on the mutual or co-operative plan, and that all such organiza-
tions shall, prior to beginning business and thereafter, have in
force bona fide application for membership from at least one
hundred persons; and in case said organization issues its certifi-
cates for a maximum sum of less than tive hundred dollars,
these said applicatic ns shall at least equal ten thousand dollars
of insurance; and if any certificate of insurance on one life be
issued in excess of five hundred dollars, then they shall at least
equal the amount of insurance now required by law for a
mutual company, and in addition thereto comply with the
seven following sections of this article for said mutual or
co-operative organization; provided, that nothing herein con-
tained shall be construed to apply to the granting of relief or
benefits to members or their families by any societies of a
purely and exclusively religious, charitable or benevolent
description which are not operated with a view to a profit by
their officers or members.

Effective.

SEC. 2. And be it enacted, That this act shall take effect
from the date of its passage.

Approved April 6th, 1894.

CHAPTER 260.

AN ACT to provide a means by which organizations, known
as Lloyds, may conduct the insurance business in this State>
by adding an additional section to Article 23 of the Public
General Laws of Maryland, title "Corporations," sub-title
"Insurance Department," to follow Section 123, and to be
known as Section 123 A.

New section.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That the following section be and the same is
hereby added to article 23 of the Public General Laws of
Maryland, title "Corporations." sub-title "Insurance Depart-
ment," to follow section 123, and to be known as section 123 A.

Associations
known as
"Lloyds."

123 A. Associations of individuals, citizens of the United
States, whether organized within the State, or elsewhere within
the United States, formed upon the plan known as Lloyds,
whereby each associate underwriter becomes liable for a pro-
portionate part of the whole amount insured by a policy, may