EMERSON C. HARRINGTON, GOVERNOR. 863

title and sub-title as aforesaid, be and the same are hereby re-
pealed and re-enacted with amendments, so as to read as fol-
lows:

154L. No purely mutual fire insurance company, or mutual
fire insurance company with guaranty capital of less than one
hundred thousand dollars, hereafter organized or incorporated,
shall issue any policy or contract or begin or transact any busi-
ness of insurance in this State, until agreements with not less
than one hundred applicants have been entered into for at least
two hundred and fifty thousand dollars of insurance, no one
risk of which for the purpose of complying with these require-
ments, shall be allowed for a sum in excess of five thousand
dollars, the premiums on which insurance shall amount to not
less than two thousand five hundred dollars, of which one thou-
sand dollars shall have been paid in in cash, and notes of sol-
vent parties shall have been received for the remainder, and
a list of subscribers for insurance, showing the amount of in-
surance taken and premium paid or note given by each, and
such other information as the Insurance Commissioner may
require, shall have been filed with the said Commissioner; nor
until the President and Secretary of the Company shall have
certified under oath that every subscription for insurance in
the list so filed is genuine and made with an agreement with
every subscriber for insurance that he will take the policies
subscribed for by him within thirty days of the granting of
the license to the company to issue policies; nor until applica-
tion therefor shall have been made to the Insurance Commis-
sioner and a license granted to said company by said Commis-
sioner authorizing it to issue policies and transact the business
of a mutual fire insurance company. Said Commissioner may
withhold the granting of such license to any such company
applying as aforesaid until he shall have satisfied himself by
such examination as he shall deem requisite that said company
shall have complied with all the laws of this State applicable to
such company. No note or notes received from any one per-
son or firm shall be approved for a greater amount than five
hundred dollars, nor unless the maker or makers thereof shall
be approved by the Insurance Commissioner, or by the person
or persons appointed by him for that purpose, as being pecu-
niarily good and responsible for the same; nor unless a policy
be issued upon the same within thirty days after the granting
of the license to begin business. Such notes shall be payable
in part or in whole, at any time when the directors shall deem
the same requisite for the payment of losses, or such incidental