1384 LAWS OF MARYLAND.
CHAPTER 682.

AN ACT to authorize the Home Mutual Society of America,
incorporated, to amend its charter and change from a fra-
ternal to a capital stock plan.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the Home Mutual Society of America, incorporated
under the general laws governing corporations of this State
on the eleventh day of March, 1909, as a fraternal beneficial
society, be and it is hereby authorized, upon the vote of two-
thirds of its members and three-fourths of its board of direc-
tors, to amend its charter and change to a capital stock plan,
with an authorized capital of not less than ten thousand dollars
($ 10,000), of which ten per centum shall be paid in before it
shall proceed to organize on a capital stock basis, and the bal-
ance shall be paid up within the time and as prescribed by the
General Laws of this State governing corporations; provided,
that the said organization, upon the adoption of an amendment
in accordance with the provisions of this Act, shall not be
authorized to issue certificates for more than five hundred
dollars ($500) death benefits, nor more than seventy-five dollars
($75) annual sick benefits upon any one life, and shall deposit
with the Insurance Commissioner of this State, in accordance
with Section one hundred and forty-nine of Article twenty-
three (23) of the Public General Laws the sum of ten thousand
dollars ($ 10,000), which, however, may be deposited in instal-
ments of five hundred dollars ($500), upon the amendment
being made, and a like sum in the month of January in each
year thereafter, until the full sum shall have been deposited as
aforesaid, and shall thereafter maintain the legal reserve ac-
cording to the valuation of its certificates in force after all
debts and claims against it, including those resisted, but exclu-
sive of capital stock, have been provided for according to the
standard of valuation now in force in this State for industrial
insurance companies.

SEC. 2. And be it enacted, That upon the adoption of an
amendment of its charter in accordance with this Act, a cer-
tificate of the same shall be signed and acknowledged by the
president and a majority of the directors of said organization
and recorded in the same manner as is now required by the
laws of this State.

SEC. 3. And be it enacted, That this Act shall take effect
from the date of its passage.

Approved April 13, 1910.