ALBERT C. RITCHIE, GOVERNOR. 557

SEC. 97. Companies Converted Prior to July 1, 1916.
Such mutual, co-operative or assessment industrial insurance
companies, organized and doing business in this State prior to
January 1, 1914, as actually converted prior to July 1, 1916, in
conformity with the law providing for the conversion of such
companies, may have a paid-up capital less than fifty thousand
dollars, but not less than ten thousand dollars; provided, that
in no case shall the assets of any such company at any time be
insufficient to provide full legal reserve upon all outstanding
policies as required by law, over and above all bona fide debts and
claims against it, exclusive of capital stock; and provided fur-
ther, that no such company 'having a paid-up capital stock less
than fifty thousand dollars shall issue any certificate or other
form of contract for the payment of a greater sum of money in
the aggregate than one thousand dollars ($1, 000) upon the ter-
mination of any one life or combination of lives.

Approved April 1, 1927.

CHAPTER 314.

AN ACT to repeal Section 99 of Article 48 A of the Code of
Public General Laws of Maryland, title "Insurance, " sub-
title "Life, Accident and Health Insurance, " as enacted by
Chapter 492 of the Acts of 1922, relating to health and
accident reserves of industrial life insurance companies.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Section 99 of Article 48 A. of the Code of Public
General Laws of Maryland, title "Insurance, " sub-title, "Life,
Accident and Health Insurance" as enacted by Chapter 492 of
the Acts of 1922, be and the same is hereby repealed.

Approved April 1, 1927.

CHAPTER 315.

AN ACT to repeal and re-enact with amendments Section 4
of Chapter 227 of the Acts of the General Assembly passed
at the Session of 1924, entitled "An Act to incorporate the
Liberty Life Insurance Company of Baltimore.