ALBERT C. RITCHIE, GOVERNOR. 541

as are conferred upon corporations incorporated under the
General Laws of the State, as may reasonably be necessary to
carry out the objects and purposes and to protect the interests
of said body corporate, and to exercise the powers by this Act
conferred upon it.

SEC. 2. And be it further enacted as aforesaid, That said
corporation shall be managed by a board of three directors, and
that William T. Watson, B. Franklin Rife and William A.
Turner are the names of the directors who shall serve for the
first year or until their successors are duly elected and qualified.

SEC. 3. And be it enacted as aforesaid, That the said cor-
poration be and it is hereby authorized and empowered to carry
on and transact the industrial life, health and accident insur-
ance business in conformity with and subject to the provisions
of the General Laws of this State relating to such companies,
and especially in conformity with the provisions of Section 193
of Article 23 of Bagby's Annotated Code that apply to com-
panies that have converted from mutual to capital stock com-
panies with paid-up capital of ten thousand dollars ($10, 000).

SEC. 4. And be it further enacted as aforesaid, That the
capital stock of said corporation shall be ten thousand dollars,
divided into ten thousand shares of the par value of one dollar
a share. Said corporation shall not issue any certificates or
contracts of insurance until the full amount of the authorized
capital stock shall have been subscribed and paid for, in cash, at
not less than par, and shall have been invested in securities ap-
proved by the State Insurance Commissioner and actually de-
posited with said Commissioner for the protection of the policy
holders of said company. No policy or certificate shall be is-
sued for more than five hundred dollars ($500) death benefits,
or seventy-five dollars ($75) disability benefits on any one life
or person.

SEC. 5. And be it enacted as aforesaid, That said corpora-
tion shall at all times maintain the legal reserves provided in
Section 193 of Article 23 as aforesaid.

Approved April 13th, 1922.

CHAPTER 234.

AN ACT to authorize and direct the County Commissioners of
Allegany County to borrow money on the credit of said