ALBERT C. RITCHIE, GOVERNOR. 737

CHAPTER 227.

AN ACT to incorporate The Liberty Life Insurance Company

of Baltimore.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That James R. E. Hiltz, John M. O'Connor and Herbert
J. McCann, and the subscribers to the stock of the corporation
hereby created, and their successors and assigns, be and they
are hereby created a body corporate by the name of The Liberty
Life Insurance Company of Baltimore, and by that name shall
have perpetual succession, and shall have such powers 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 James R. E. Hiltz, John M. O'Connor and Herbert
J. McCann 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 corpo-
ration 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 Chapter
492 of the Acts of the General Assembly of Maryland, passed
at the January Session, 1922, that apply to companies that
have converted from mutual to capital stock companies 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
approved by the State Insurance Commissioner and actually
deposited with said Commissioner for the protection of the
policyholders of said company. No policy or certificate shall
be issued for more than five hundred dollars ($500. 00) death
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