1538 LAWS, OF MARYLAND.

of such contract or agreement, shall be deemed and taken to be
a life insurance company within the meaning of this Article,
and shall be subject to all the requirements of law applicable
to said life insurance company; provided that the said business
may be conducted on the mutual or co-operative plan, but that
no such company or association shall issue any benefit certifi-
cate, or pay or allow, or offer or promise to pay or allow to any
person any death or disability benefit until actual bona fide ap-
plications for death benefit certificates have been secured upon
at least five hundred (500) lives for the aggregate amount of
at least twenty thousand dollars ($20,000), and said company
or association, in addition thereto, shall have complied with the
seven following Sections of this Article for said mutual or co-
operative organization; provided, that nothing herein contained
shall be construed to apply to the granting of relief or benefits
to members or their families by any societies of a purely and
exclusively religious, charitable or benevolent description, which
are not operated with a view to a profit by their officers or
members.

176. Organizations, as described in Section 175, issuing cer-
tificates for the payment of money or other benefits in the event
of sickness, accident or death or other contingency, either to the
member, policy or certificate holder, or by whatsoever name the
same may be known, or to their families or representatives, but
issuing no certificate, certificates or any other form of contract
of payment in the aggregate of a greater sum than one thousand
dollars ($1,000.00), upon the termination of any one life or
combination of lives, or a greater sum than seventy-five dollars
($75.00) annually, or the equivalent thereof, whether the pay-
ments be stipulated to be made annually, or at longer or shorter
intervals, upon any contract or contracts of annuity in which
the continuance of any one life, whether singly or in connection
with other lives conjointly or in succession, or combined in any
way whatsoever, or during sickness or disability, is involved as
an element of the contract, may be formed on the mutual, co-
operative, assessment or stock plan; and if on the latter plan,
shall have paid-up capital of at least fifty thousand dollars,
except as hereinafter otherwise provided, and such companies,
whether formed on the mutual, co-operative, assessment or stock
plan, shall be possessed of and constantly maintain a sum of
money not less in amount than fifty thousand dollars, or in in-
terest or dividend-bearing securities of equal market value, and
not in default for interest or dividend, which shall be deposited