EMERSON C. HARRINGTON, GOVERNOR. 217

SECTION 1. Be it enacted by the General Assembly of
Maryland, That 'Section 193 of Article 23 of the Annotated
Code of the Public Civil Laws of Maryland, entitled "Cor-
porations, " sub-title "Insurance Department, " be and the same
is hereby repealed and re-enacted to read as follows:

Section 193. Organizations, as described in Section 192,
issuing certificates 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 whatso-
ever 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 termi-
nation 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 payments be stipulated to be made annu-
ally, 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 interest or dividend-bearing
securities of equal market value, and not in default for inter-
est or dividend, which shall be deposited with the Insurance
Commissioner of this State upon the terms prescribed for the
deposits made with, the Treasurer of this State, mentioned in
Section 157 of this Article; provided, nevertheless, that such
mutual, co-operative or assessment industrial insurance soci-
eties, association 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, 1916, and not thereafter, reorganize as
stock corporations under the provisions of Section 155
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 thou-
sand dollars ($10, 000. 00), provided that in no case shall the
assets of such company, including capital stock actually paid