1212 LAWS OF MARYLAND. [CH. 492

domestic association shall have discontinued business for the
period of one year, or has less than four hundred members its
charter shall become null and void.

Every such association shall have the power to make a
constitution and by-laws for the government of the association,
the admission of its members, the management of its affairs,
and the fixing and readjusting of the rates of contribution of
its members from time to time; and it shall have the power to
change, alter, add to or amend such constitution and by-laws,
and shall have such other powers as are necessary and inci-
dental to carrying into effect the objects and purposes of the
association.

SEC. 156. Existing Corporation, Reincorporation. Any
association now engaged in transacting business in this
State may exercise, after the passage of this Act, all of
the rights conferred thereby, and all of the rights, powers
and privileges now exercised or possessed by it under its
charter or articles of incorporation not inconsistent with
this Act, if incorporated; or, if it be a voluntary associa-
tion, it may incorporate hereunder. But no association
already organized shall be required to reincorporate
thereunder, and any such association may amend its ar-
ticles of incorporation from time to time in the manner
provided therein, or in its constitution and laws, and all
such amendments shall be filed with the Insurance Com-
missioner and shall become operative upon such filing,
unless a later time be provided in such amendments or in
its articles of incorporation, constitution or laws.

SEC. 157. Mergers and Transfers. No domestic asso-
ciation shall merge with or accept the transfer of the
membership or funds of any other association unless such
merger or transfer is evidenced by a contract in writing,
setting out in full the terms and conditions of such
merger or transfer and filed with the Insurance Commis-
sioner of this State, together with a sworn statement of
the financial condition of each of said associations by its
president and secretary, or corresponding officers, and a
certificate of such officers, duly verified under oath of
said officers of each of the contracting associations, that
such merger or transfer has been approved by a vote of
two-thirds of the members of the supreme legislative or
governing body of each of said associations.