PHILLIPS LEE GOLDSBOROUGH, GOVERNOR. 817

any such license it shall be the duty of the State Insurance
Commissioner to ascertain to his satisfaction that the member-
ship list of the association is genuine, and that every member
thereof will take the policies as agreed by him within thirty
days of the granting of the license to such association to issue
policies. If at any time the number of members falls below
twenty or the number of employees who are employed by the
members of any such association falls below two thousand, no
more policies shall be issued by such association until other
employers have made bona fide applications for insurance ther-e-
in, who, together with the existing members, amount to not
less than twenty employers who employ not less than two
thousand employees, and in the event that such applications
for insurance shall not be obtained within a reasonable time,
to be fixed by the State Insurance Commissioner, said Insurance
Commissioner may take the proceedings against such associa-
tion under and as provided in sub-Section or division Seventh

of Section 178 of this Article (Bagby's Code).

The members of any such mutual insurance association shall
be policy-holders therein or contributors to the fund, and when

any member ceases to be a policy-holder or contributor to the
fund he shall cease, at the same time, to be ia member of such

association. A corporation, partnership, association or joint
stock company may become a member of such mutual insurance
association and may authorize another person to represent it
in any such insurance association, and such representative shall
have all the rights of any individual member. Any person

acting as employer in the capacity of a receiver or trustee may
insure in such association and as such receiver or trustee may
assume the liabilities and be entitled to the rights of a member,
but shall not be personally liable upon such contract of insur-
ance.

Any such insurance association may borrow money or as-
sume liability in a sum sufficient to defray the reasonable ex-
penses of its organization.

154-B. Any such mutual insurance association shall have
not less than nine directors, and such officers as shall be pro-
vided in the certificate of incorporation or by the by-laws made
by the members. The directors shall be elected annually by
the votes of the members. All except three of the directors

of any such association elected after its organization is com-
pleted and it is authorized to begin issuing insurance policies
shall be members of such association. All the officers except