ALBERT C. RITCHIE, GOVERNOR. 1181

said section 97, whether formed on the mutual, co-operative,
assessment or capital stock plan, shall be possessed of and con-
stantly maintain a sum of money not less in amount than fifty
thousand dollars, or interest or dividend-paying securities of
equal market value, not in default, which shall be deposited
with the commissioner as provided by section 21.

Sec. 96. Conversion of Mutual Life to Stock Company.
Any life, accident or health insurance company heretofore in-
corporated under the laws of this State without capital stock,
and whether conducted upon the mutual, legal reserve, co-
operative or assessment plan, may, with the consent of at
least three-fourths of its directors, become a stock corpora-
tion, subject to the laws of this State applicable to such cor-
porations, and those prescribing the form and manner of mak-
ing amendments to articles of incorporation, upon complying
with the following conditions and regulations: Notice of the
proposal so to change the form of the corporate organization
and of the meeting 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 thereon, shall be given by publication stating the time,
place and object of said meeting, once a week for six con-
secutive weeks in at least one newspaper of general circula-
tion published in the city or county in which said corporation
has its principal place of business, and in at least two such
newspapers if so many are published in said city or county.

At such meeting there shall be required, in order to effect
the change proposed, the affirmative vote in person, or the
consent 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 th^
corporation shall be fixed, within the limits prescribed by
law for such corporations, and the par value of the shares and
number of shares into which the capital stock is to be divided
shall also be determined. The members, policy holders or certifi-
cate holders of such corporation 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 assets and liabilities of