HERBERT E. O'CONOR, GOVERNOR. 1653

(c) Each contract executed or proposed to be executed by
and between the corporation and any hospital, embodying the
terms under which hospital service is to be furnished to sub-
scribers to the Plan;

(d) Each form of contract issued or proposed to be issued
to subscribers to the Plan, together with a table of the rates
charged, or proposed to be charged, to subscribers for each
form of such contract;

(e) Financial statement of the corporation, which shall in-
clude the amounts of each contribution paid or agreed to be
paid to the corporation for working capital, the name or
names of each contributor and the terms of each contribution.

The Insurance Commissioner shall issue a certificate of au-
thority, or license, to each applicant upon the payment of
the fee provided for by Section 36 of this Article and upon
being satisfied:

(1) That the applicant has been organized bona fide for the
purpose of establishing, maintaining and operating a Non-
Profit Hospital Service Plan;

(2) That each contract executed, or proposed to be exe-
cuted, by the applicant and any hospital for the furnishing
of hospital service to the subscribers to the Hospital Service
Plan obligates, or will, when executed, obligate each hospital
party thereto to render the service to which each subscriber
may be entitled under the terms and conditions of the various
contracts issued, or proposed to be issued, by the applicant to
subscribers to the Plan;

(3) That each contract issued, or proposed to be issued, to
subscribers to the Plan is in a form approved by the Insurance
Commissioner, and that the rates charged, or proposed to be
charged, for each form of such contract are fair and reason-
able;

(4) That no contributions to the funds of the corporation
for working capital are repayable by the corporation except
out of earned premiums over and above operating expenses,
payments to participating hospitals and such reserve as the
Insurance Commissioner may deem adequate;

(5) That the amount of money actually received by the ap-
plicant upon the terms specified in sub-section "(4)" hereof,
for working capital, is sufficient to carry all acquisition costs
and operating expenses for a period of at least three months
from the date of the issuance of the certificate of authority
or license.

Any corporation to which such certificate of authority or
license has been issued, until expiration or revocation thereof,
shall be authorized to issue contracts, in the form or forms
filed with the Insurance Commissioner, to the persons who
may become subscribers to such Plan.