LLOYD LOWNDES, ESQUIRE, GOVERNOR.

or resort, may at any time, on indictment and conviction, be
revoked by the Circuit Court for Allegany county, and the
same person shall not again be licensed within two years of the
time of such revocation.

757

SEC. 2. And be it enacted, That this Act shall take effect
from the date of its passage.
Approved April 7, 1898.

CHAPTER 226.
AN ACT to add another Section to Article 23 of the Code
of Public General Laws, title " Corporations," sub-title
"Insurance Companies," to be known as Section 114 A.

SECTION 1. Be it enacted ly the General Assembly of Mary-
land, That an additional section to be designated as section

Effective

114 A be added to Article 23 of the Code of Public General
Laws of Maryland, title "Corporations," sub-title " Insurance
Companies," to follow after section one hundred and fourteen,
to read as follows :
114 A. Any mutual or co-operative assessment life, accident

New section
added.

or health insurance company heretofore incorporated, after
having 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
corporation 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 equita-
ble regulations as the directors may prescribe, but all such sub-
scriptions must be made in cash, and at not less than par, and the
assets and liabilities of the Mutual company shall thereupon be
and become the assets and liabilities of the joint stock company,
except so far as herein otherwise provided. The reserve fund,
if any, of the mutual company shall be and become reserve
of the joint stock company, except so much of said reserve
fund as may, on examination by the insurance commissioner be
deemed to be the interest in said reserve fund of those mem-
bers of the mutual company who do not desire to become
members of the said stock company, and said reserve, less the
provision made above for the protection of outstanding mutual
policy holders, or any part thereof, may be deposited with the
treasurer or insurance commissioner of Maryland, as guarantee

Joint stock
corporation