ALBERT C. RITCHIE, GOVERNOR 1095

member of any such mutual insurance company is hereby de-
clared to be incidental to the purpose for which such political
sub-division or other corporation is organized, and as much
granted as the rights and powers expressly conferred.

154D. Except as otherwise provided, the policyholder shall
be a member of the company while the policy is in force.
Every member of the company shall be entitled to one vote, or
to such a number of votes based upon the insurance in force,
the number of policies held, or the amount of premium paid,
as may be provided in the by-laws. Under any employer's
group policy, the employer only shall be a member of the com-
pany and entitled to vote as such member at the meetings of
the company.

154E. The maximum premium, or premium deposit, pay-
able by any member shall be expressed in the policy or in the
application for the insurance. Such maximum premium, or
premium deposit, may be a cash premium and an additional
contingent premium not less than the cash premium, or may
be solely a cash premium with no contingent premium or
liability to assessment in any event. No policy shall be issued
for a cash premium without an additional contingent premium
unless the company has a surplus which is not less in amount
than the capital stock and surplus required of domestic stock
companies transacting the same kinds of insurance.

154F. All investments and deposits of the funds of any
such company shall be made in its corporate name, and no
director or other officer thereof, and no member of a committee
having any authority in the investment or disposition of its
funds, shall accept or be the beneficiary of, either directly or
remotely, any fee, brokerage, commission, gift or other con-
sideration for or on account of any loan, deposit, purchase,
sale, payment or exchange made by or in behalf of such com-
pany, or be pecuniarily interested in any such purchase, sale
or loan, either as borrower, principal, co-principal, agent or
beneficiary, except that if a policyholder, he shall be entitled
to all benefits accruing under the terms of his contract. No in-
vestment, sale or loan, except loans on its own policies, shall be
made which has not first been authorized by the board of
directors, or by a committee thereof charged with the duty
of investing or loaning the funds of the company, nor shall
any deposit be made in a bank or banking institution unless
such bank or banking institution has first been approved as a