ALBERT C. RITCHIE, GOVERNOR. 1045

change the form of the corporate organization and of the meet-
ing of the members of the corporation, its policy holders or
certificate holders, or by whatever name its members are
known, to be held for the purpose of taking action tliereon shall
be given by publication, stating the time, place and object of
said meeting once a week for six consecutive weeks in at least
two newspapers of general circulation published in the City of
Hagerstown.

At such meeting there shall be required, in order to effect
the change proposed, the affirmative vote in person or the con-
sent in writing, of at least two-thirds of all the members of
the corporation, and the concurrence of at least three-fourths
of the directors. At such meeting, if the proposed change be
approved, the amount of the capital stock of the corporation
shall be fixed, within the limits prescribed by law, for such
corporation, and the par value of the shares and the number
of shares into which the capital stock is to be divided shall
also be determined. The members, policy holders, certificate
holders or by whatever name its members are known, shall
have the first right to subscribe to said stock, subject to such
equitable regulations as the directors may prescribe, but all
subscriptions for shares of stock must be made and paid for in
cash and at a price not less than par. Upon the completion
of its reorganization as a stock company the assets, if any, of
such corporation and its liabilities shall be and become the as-
sets and liabilities of the stock company except so far as here-
in otherwise provided. Said company, however, shall not be
entitled to do any business as a stock corporation until the
amount of capital stock determined as herein provided and as
authorized by law shall have been subscribed and paid for at
not less than par and in accordance with the laws governing
the formation of corporations. The stockholders may elect from
among themselves not less than five nor more than twentv-five

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directors to hold office until the ensuing annual meeting or
until their successors shall have been duly elected and quali-
fied, and the directors so elected shall have and they are here-
by authorized to exercise all the rights and powers proper to
be exercised by the directors of such stock companies under
the laws of this State.

The Insurance Company upon request, and upon payment
to him at the usual rate of such work, shall ascertain and
certify the proportionate interests in the assets of the mutual
corporation before its reorganization as a stock company of
each of the members of the mutual company who may refuse