ALBERT C. RITCHIE, GOVERNOR. 1213

Upon the submission of said contract, financial state-
ments and certificates, the Insurance Commissioner shall
examine the same, and if he shall find such financial state-
ments to be correct and the said contract to be in con-
formity with the provisions of this section, and that such
merger or transfer is just and equitable to the members
of each of said associations, he shall approve said merger
or transfer, issue his certificate to that effect, and there-
upon the said contract or merger or transfer shall be in
full force and effect.

In case such contract is not approved, the fact of its sub-
mission and its contents shall not be disclosed by the Insur-
ance Commissioner.

SEC. 158. Annual License. Associations which are now
authorized to transact business in this State may continue
such business until the first day of January next succeed-
ing the passage of this Act, and the authority of such
associations may thereafter be renewed annually, but in
all cases to terminate on the first day of the succeeding
January; provided, however, that license shall continue
in full force and effect until the new license be issued or
specifically refused. For each such license or renewal the
association shall pay the Insurance Commissioner twenty-
five dollars. A duly certified copy or duplicate of such
license shall be prima facie evidence that the licensee is a
fraternal beneficiary association within the meaning of
this Act.

SEC. 159. Admission of Foreign Associations. No
foreign association now transacting business organized
prior to the passage of this Act which is not now author-
ized to transact business in this State shall transact any
business herein without a license from the Insurance
Commissioner. Any such association shall be entitled to
a license to transact business within this State upon filing
with the Commissioner a duly certified copy of its charter
or articles of association; a copy of its constitution and
laws certified by its secretary or corresponding officers;
a power of attorney to the Commissioner as hereinafter
provided; a statement of its business under oath of its
president and secretary, or corresponding officers in the
form required by the Commissioner, duly verified by an
examination made by the supervising insurance official
of its home State or other State satisfactory to the Insur-