1046 LAWS OF MARYLAND. [CH. 473

to assent to the change of said company into a stock •com-
pany and the amount of the interest of every such dissenting
member or policy holder shall be paid over to them respec-
tively and upon the payment or tender to him of the amount
of interest so ascertained and certified, the membership of
each such dissenting member or policy holder shall cease and
determine, and said member or policy holder shall thereafter
have no claim against said corporation by reason of his mem-
bership in said corporation; and the remainder of the assets,
in excess of the sum required for the compensation of dis-
senting members or policy holders as aforesaid, shall be and
become the property of those members of said corporation
assenting to the reorganization., to be apportioned among them
in accordance with their respective proportionate interest in
said corporation; provided, however, that said remainder of
assets may be employed by those members of said corpora-
tion assenting to the reorganization, upon the valuation of the
same as fixed by the Insurance Commissioner, to pay for the
stock in the reorganized company to which they shall have sub-
scribed. The Insurance Commissioner shall mail both to the
company and to the individual members or policy holders there-
of his decision fixing- the proportionate interest in the assets
of said company of said members respectively, and any mem-
ber or policy holder feeling aggrieved by the decision of the
Insurance Commissioner fixing his proportionate interest in
the assets of the mutual corporation shall have the right to
appeal from said decision to the Circuit Court for Washing-
ton Countv at any time within thirtv davs from the receipt

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of said notice from the Insurance Commissioner. All mem-
bers or policy holders refusing or failing within thirty clays
from the date of said aforementioned meeting, and after fur-
ther notice, to become subscribers to stock in accordance with
their respective proportionate interest in said company, shall
be deemed conclusively to have refused to assent to the change
of said company into a stock company and shall thereupon be-
come entitled to be paid their proportionate interest in said
company as determined by tlie Insurance Commissioner as
hereinbefore set forth. Upon the subscription to the stock in
said company, as reorganized, by its members or policy holders,
and upon payment therefor, the mutual policies, if any, held
by said members or policy holders in said company at the time
of its reorganization shall become null and void, and likewise
the mutual policies in said company held at the time of its
reorganization by tbose member? or policy holders refusing