1192 LAWS OF MARYLAND. [Cil. 402

pose for which such political sub-division or other corporation
is organized, and as much granted as the rights and powers
expressly conferred.

SEC. 113. Membership Voting. Except as otherwise pro-
vided, the policyholder shall be a member of the company while
the policy is in force. Every member of the company shall
be entitled to one vote, or to such a number of votes based upon
the insurance in force, the number of policies held, or the
amount of premium paid, as may be provided in the by-law».
Under any employer's group policy, the employer only shall be
a member of the company and entitled to vote as such member
at the meeting of the company.

SEC. 114. Premiums. The maximum premium, or premium
deposit payable by any member shall be expressed in the policy
or in the application for the insurance. Such maximum pre-
mium, or premium deposit, may be a cash premium and an
additional contingent premium not less than the cash premium,
or may be solely a cash premium with no contingent premium
or liability to assessment in any event. No policy shall be
issued for a cash premium without an additional contingent
premium unless the company has a surplus which is not less
in amount than the capital stock and surplus required of
domestic stock companies transacting the same kinds of in-
surance.

SEC. 115 Investments and Deposits. All investments and
deposits of the funds of any such company shall be made in
its corporate name, and no director or other officer thereof,
and no member of a committee having any authority in the
investment or disposition of its funds, shall accept or be the
'beneficiary of, either directly or remotely, any fee, brokerage,
commission, gift or other consideration for or on account of
any loan, deposit, purchase, sale, payment or exchange made
by or in behalf of sueh> company, or be pecuniarily interested
in any such purchase, sale, or loan, either as borrower, princi-
pal, co-principal, agent or beneficiary, except that if a policy-
holder, he shall be entitled to all benefits accruing under the
terms of his contract. No investment, sale or loan, except loans
on its own policies, shall be made which has not first been
authorized by the board of directors, or by a committee thereof
charged with the duty of investing or loaning the funds of
the company, nor shall any deposit be made in a bank or
banking institution unless such bank or banking institution