ALBERT C. RITCHIE, GOVERNOR. 577

est so ascertained and certified, the membership of each such
dissenting member or policy holder shall cease and determine;
and the remainder of the assets in excess of the sum required
for the compensation of dissenting members or policy holders
as aforesaid, may be deposited with the Treasurer of Maryland
or the Insurance Commissioner under the provisions of Section
19 of Article 48 A of the Code of General Laws of the State of
Maryland, as a guarantee for the payment of the policies is-
sued by said company. Any surplus that may be found to exist
in the assets of such corporation over and above all its liabili-
ties, including the legal reserve for all outstanding policies in
force, as ascertained and certified by the Insurance. Commis-
sioner as hereinabove provided at the date of its reorganization
as a stock company shall be held as a fund for the security of
the creditors of the company, and shall under no circumstances
pass to the ownership of the stockholders, be distributed among
them or be used or encroached upon for the payment of divi-
dends upon the capital stock.

The Fraternal Insurance League of America, of Baltimore,
Maryland, Incorporated, policies and all rights and liabilities
attaching thereto, and all the powers and obligations of the Fra-
ternal Insurance League of America, of Baltimore, Maryland,
Incorporated, with reference to the same, shall survive so long
as said policies shall remain in force, except that such policies
shall thereafter be considered as policies for the largest amount
which, according to their terms, might be payable thereunder
in case the assessments provided for should yield a sufficient
amount to pay the same, and if any certain number of assess-
ments be specified upon said policies as payable by the holders
thereof, the company shall not be entitled to levy any further
assessments, even though such rights may have been previously
reserved in the policy.

SEC. 2. And be it further enacted, That the said corpora-
tion shall be hereafter known as The Mercantile Life Insurance
Company of Baltimore.

SEC. 3. And be it further enacted, That this Act shall take
effect June 1, 1929.

Approved April 11, 1929.
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