1252 LAWS OF MARYLAND.

izing the conversion of certain classes of non-stock insurance
companies into stock corporations, upon compliance with cer-
tain specified requirements.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Section 147 of Article 23 of the Code of 1904 of
Public General Laws of Maryland, entitled '' Corporations,''
sub-title "Insurance Companies," as amended and re-enacted
by Chapter 410 of the Acts of 1912 of the General Assembly of
Maryland, be, and the same is hereby repealed and re-enacted,
with amendments, so as to read as follows:

147. Any life, accident or health insurance company or as-
sociation heretofore incorporated under the laws of this State
without capital stock, and whether conducted upon the mutual,
legal reserve, co-operative or assessment plan, may with the
consent of at least three-fourths of its directors become a stock
corporation, subject to the laws of this State applicable to such
corporations, and those prescribing the form and manner of
making amendments to articles of incorporation, upon comply-
ing with the following conditions and regulations:—Notice of
the proposal so to change the form of the corporate organiza-
tion and of a meeting of the members of the corporation, its
policy holders or certificate holders, or by whatever name its
members are known, to be held for the purpose of taking action
thereon shall be given by publication stating the time, place
and object of said meeting, once a week for six consecutive
weeks in at least one newspaper of general circulation published
in the city or county in which said corporation has its principal
place of business, and in at least two such newspapers if so
many are published in said city or county.

At such meeting there shall be required in order to effect the
change proposed the affirmative vote in person, or the consent
in writing, of at least two-thirds of all the members of the cor-
poration and the concurrence of at least three-fourths of the
directors. At such meeting if the proposed change be approved
the amount of the capital stock of the corporation shall be fixed
within the limits prescribed by law for such corporations and
especially subject to the provisions of Sections 149 and 176 of
this Article, and the par value of the shares and the number of
shares into which the capital stock is to be divided shall also be
determined. The members, policy holders or certificate holders
of such corporation shall have the first right to subscribe to said
stock, subject to such equitable regulations as the directors may