PHILLIPS LEE GOLDSBOROUGH, GOVERNOR. 1539

with the Insurance Commissioner of this State upon the terms
prescribed for the deposits made with the Treasurer of this
State, mentioned in Section 149 of this Article; provided, never-
theless, that such mutual, co-operative or assessment industrial
insurance societies, associations or companies, organized and
doing business in this State prior to January 1st, 1914, and
having a bona fide membership of not less than 500 persons, as
shall, prior to July 1st, 1915, reorganize as stock corporations
under the provisions of Section 147 of this Article and comply
with all the requirements and provisions of said Section, may
have a paid-up capital less than fifty thousand dollars
($50,000.00), but not less than ten thousand dollars ($10,-
000.00), provided that in no case shall the assets of such com-
pany, including capital stock actually paid in, at any time be
insufficient for provide full legal reserve upon all outstanding
policies as required by law, over and above all other bona fide
debts and claims against it; and provided, further, that no such
company having a paid-up capital stock less than fifty thousand
dollars ($50,000.00) shall issue any certificate or other form of
contract for the payment of money in the aggregate of a greater
sum than five hundred dollars ($500.00) 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,
upon any contract of annuity or during sickness or disability.
And provided, further, that any company organized prior to
January first, 1914, and now doing business in this State, which
has a paid up capital stock of fifty thousand dollars ($50,000.00),
or has on deposit with the Insurance Commissioner of this State
securities as above described amounting to fifty thousand dol-
lars ($50,000), shall be authorized to issue certificates or poli-
cies up to, but not in excess of one thousand dollars ($1,000),
on any one life or combination of lives.

And every such organization, foreign, of another State, or
domestic, conducting the business of health insurance, or as-
suming the payment of money or providing other benefits on
account of and during disabilty from sickness or accident, in
this State, shall have and constantly maintain, over and above
its capital stock and other liabilities and reserves required, and
as a special security for the payment of such benefits a sum of
money either in cash or in investments such as are prescribed
for the reserve fund of life insurance companies, equal in
amount, if the premiums for such benefits are payable monthly
or at shorter; intervals, to at least one-twelfth part of the total