HERBERT R. O'CONOR, GOVERNOR. 461

Assessment Industrial Insurance Companies that converted
to Stock Companies prior to July 1, 1916, and providing
that the charters of such converted companies as voluntarily
or involuntarily retire from business shall become null and
void and be forfeited.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Section 133 of Article 48A of Flack's Annotated
Code of Maryland (1939 Edition), title "Insurance", sub-title
"Life, Accident and Health Insurance", be and the same is
hereby repealed and re-enacted, with amendments, to read as
follows:

133. Companies Converted Prior to July 1, 1916. Such
mutual, co-operative or assessment industrial insurance com-
panies, 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
further, 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 termination of any one life or combination of lives.

It is hereby further provided that the charter or certificate
of incorporation of any company that has been converted con-
formable to the provisions of this Section shall become null
and void, and shall be forthwith forfeited in the event said
company shall sell or transfer all of its assets to, or re-insure
all of its outstanding business with another company, or volun-
tarily or involuntarily retire from business.

SEC. 2. And be it further enacted, That this Act shall take
effect June 1, 3941.

Approved April 23, 1941.

CHAPTER 294.
(House Bill 138)

AN ACT to repeal and re-enact, with amendments, Sections
725, 728, 729 and 731 of Article 22 of the Code of Public