ALBERT C. RITCHIE, GOVERNOR. 1191

at least twenty policies to at least twenty members for the
same kind of insurance, upon not less than two hundred sepa-
rate risks, each within the maximum single risk described
herein;

(b) The "maximum single risk" shall not exceed twenty per
cent, of the admitted assets, or three times the average risk,
or one per cent, of the insurance in force, whichever is the
greatest, any reinsurance taking effect simultaneously with
the policy being deducted in determining such maximum single
risk;

(e) It shall have collected a premium upon each application
required for organization, the total of which premiums shall
be held in cash or in securities in which insurance companies
are authorized to invest, and the total assets shall be equal,
in case of fire or steam boiler insurance, to not less than twice
the maximum! single risk assumed subject to one fire or to one
loss, nor less than ten thousand dollars, and in any other kind
of insurance to not less than five times the maximum single risk
assumed, and in cases of workmen's compensation insurance to
not less than fifty thousand dollars, or, in lieu of complying
with this sub-section and with sub-section (a) of this section,
it shall hold a surplus equal to the capital stock and surplus
required of a stock insurance company effecting the same
kinds of insurance.

(d) For the purpose of transacting employer's liability and
workmen's compensation insurance, the applications shall cover
not less than two thousand employees, each such employee
being considered a separate risk for determining the maximum
single risk.

SEC. 112. Pubic or Private Corporations as Members. Any
political sub-division of this state, or other public or private
corporation, board, association, estate or person, in this state
or elsewhere, may make applications, enter into agreements
for and hold policies in any such mutual insurance company.
Any offiteer, stockholder, trustee or legal representative of any
such political sub-division, corporation, board, association, estate
or person, may be recognized as acting for or in its behalf for
the purpose of such membership, but shall not be personally
liable upon such contract of insurance by reason of acting in
such representative capacity. The right of any such political
sub-division, or other corporation organized under the laws of
this state, to participate as a member of any such mutual in-
surance company is hereby declared to be incidental to the pur-