1094 LAWS OF MARYLAND [CH. 53S

(a) It shall hold bona fide applications for insurance upon
which it shall issue simultaneously, or it shall have in force.
at least twenty policies to at least twenty members for the same
kind of insurance, upon not less than two hundred separate
risks, each within the maximum single risk described herein.

(b) The "maximum single risk" shall not exceed twenty
per cent of the admitted assets, or three times the average
risk, or one per cent of the insurance in force, whichever is
the greatest, any reinsurance taking effect simultaneously
with the policy being deducted in determining such maximum
single risk.

(c) It shall have collected a premium upon each applica-
tion required for organization, the total of which premiums
shall be held in cash or in securities in which insurance com-
panies are authorized to invest, and the total assets shall be
equal, in case of fire or steam boiler insurance, to not less than
twice the maximum single risk assumed subject to one fire or to
one loss, nor less than ten thousand dollars, and in any other
kind of insurance to not less than five times the maximum sin-
gle risk assumed, and in cases of workmen's compensation
insurance to not less than fifty thousand dollars, or, in lieu
of complying with this sub-section and with sub-section (a) of
this section, it shall hold a surplus equal to the capital stock
and surplus required of a stock insurance company effecting
the same kinds of insurance.

(d) For the purpose of transacting employers' liability
and workmen's compensation insurance, the applications shall
cover not less than two thousand employees, each such em-
ployee being considered a separate risk for determining the
maximum single risk.

154C. Any political sub-division of this State, or other
public or private corporation, board, association, estate or
person, in this State or elsewhere may make applications, enter
into agreements for and hold policies in any such mutual in-
surance company. Any officer, stockholder, trustee or legal
representative of any such political sub-division, corporation,
board, association, estate or person, may be recognized as act-
ing for or in its behalf for the purpose of such membership, but
shall not be personally liable upon such contract of insurance
by reason of acting in such representative capacity. The
right of any such political sub-division, or other corporation
organized under the laws of this State, to participate as a