690

LAWS OF MARYLAND.

Proviso.

of this section for said mutual or co-operative
organizations ; provided, also, that any incorpo-
ration for insurance purposes as described in
this act, exempt from any of its provisions,
may comply herewith by resolution of its in-
corporators, trustees or directors, and by com-
plying with all the requirements of this
act come under its provisions, and that the
incorporators, trustees or directors of any such
corporation under this act may adopt by-laws
for the election of their successors ; provided,
also that nothing herein contained shall be con-
strued to apply to the granting of relief or ben-
efits to members or their families by any socie-
ties of a purely and exclusively religious, char-
itable or benevolent description not operated
with a view to a profit by its officers or mem-
bers ; nor to orders or associations having ritual-
istic work and ceremonies in their lodges, coun-
cils or societies ; provided, also, that the business
commonly known as industrial insurance, or on
the weekly-payment plan, shall not be permitted
to operate under the guise or privileges of the
orders as exempted in this act.
SUB-SECTION "A." That organizations as de-

Make oath.

scribed in section thirty-two of this act, not
heretofore required to report to the insurance
department of this state, who shall be empow-
ered to require persons offering to give the bond
required above to make oath that they, and each
of them, are bona fide worth the property or se-
curity they proffer, and that the said bond is a
fair and bona fide bond, may be formed either on
the mutual or stock plan, and in either case shall
be possessed of and constantly maintain a sum
of money not less in amount than five hundred
dollars, or in interest or dividend bearing secu-
rities of equal market value, and not in default

Execute bond

for interest or dividend; and that the treasurer
or trustee thereof shall execute a good and suffi-
cient bond, for the benefit of the corporation, in
an amount sufficient to secure all funds or secu-
rities of the organization which may at any time
be in his hands, said bond to be satisfactory to
and held by the insurance commissioner of this
state ; provided, that weekly collection or indus-
trial benefit societies of this state, granting in-