1180 LAWS OF MARYLAND. [Cil. 402

condition as to fall below the legal standard of solvency estab-
lished by this article, the commissioner shall not permit said
company to continue in- control of its business, and it shall be
his duty to at once institute the necessary proceedings in ac-
cordance with the provisions of this article for the protection
of its policyholders, and to publish the results of the examina-
tion of such company whenever he "may deem it for the interest
of the public to do so; provided, however, that in case it shall
appear that there is no fraud, gross imcompetency or reckless-
ness in the management of said company, he may allow said
company ninety days from the time of the completion of said
examination within which to reestablish its solvency, before in-
stituting proceedings as herein provided.

SEC. 95. Mutual Industrial Life Insurance Companies.
Companies issuing certificates for the payment of money or
other benefits in the event of sickness, accident or death, or
other contingency, either to the members, policy or certificate
holders, or to their families or representatives, but issuing no
certificate or other form of contract of payment in the aggre-
gate of a greater sum than one thousand dollars upon the ter-
mination of any one life or combination of lives, or a sum
greater than seventy-five dollars annually, or the equivalent
thereof, whether the payments be stipulated to be made an-
nually, or at shorter or longer intervals, upon any contract
of annuity in which the continuance of any one life, whether
singly or in connection with other lives jointly or in succession,
or combined in any way whatsoever, or during sickness or dis-
ability, is involved as an element of the contract, may be formed
subject to the provisions of this article applicable to life in-
surance companies and not inconsistent herewith, on the
mutual, co-operative, assessment or stock plan. Any such com-
pany formed on the mutual, co-operative or assessment plan,
shall not be entitled to receive a certificate of authority to
transact such business, or issue any benefit certificate, or pay
or allow, or offer or promise to pay or allow to any person
any death, endowment or disability benefit until actual bona
fide applications for death benefit certificates shall have been
secured upon at least five hundred lives for the aggregate
amount of at least twenty thousand dollars. All such com-
panies formed on the capital stock plan, except those author-
ized and referred to in section 97, shall, before being entitled
to receive a certificate of authority to transact such business,
have a paid-up capital of at least fifty thousand dollars, and
all such companies, except those authorized and referred to in