11S2 LAWS OF MARYLAND. [CH. 492

the stock company, except so far as herein otherwise provided.
Said company, however, shall not be entitled to do any busi-
ness 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 cor-
porations, and shall have been invested in an amount equal
to the par value of such stock in securities mentioned and
authorized by Section 21, and deposited with the Insurance
Commissioner to guarantee the payment of policies issued by
said company, and until the Commissioner shall, upon request,
value the assets of the said company, and its outstanding poli-
cies, and shall give his certificate that the admitted assets of
said company are sufficient to provide reserve upon all out-
standing policies as required by the laws of this State in rela-
tion to insurance companies, over and above all bona fide
debts and claims against it, exclusive of its capital stock lia-
bility. Upon the receipt of such certificate from the Insur-
ance Commissioner, the stockholders may elect from among
themselves not less than five or more than twenty-five direc-
tors to hold office until the ensuing annual meeting or until
their successors shall have been duly elected and shall qualify,
and the directors so elected shall have, and they are hereby
authorized, to exercise all the rights and powers proper to be
exercised by the directors of such stock company under the
laws of this State.

The Insurance Commissioner upon request, and upon pay-
ment to him at the usual rates of the cost of such work, shall
ascertain and certify the proportionate interest 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 to assent to the change of said company into a
stock company; but the interest of no member so dissenting
shall be valued at more than the full legal reserve upon his
policy as prescribed by law, at the time of the reorganization
of the corporation as a stock company, and the amount of the
interest of each such dissenting member or policyholder shall
be paid over to him, 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 the remainder of the assets
in excess of the sum required for the compensation of dis-
senting members or policy holders as aforesaid, may be de-