328 LAWS OF MARYLAND. [CH. 309

said papers, the cost of such examination to be paid by the
company examined; and (f) there shall have been granted by
the Commissioner a license or certificate of authority to said
corporation.

SEC. 2. And be it further enacted, That this Act shall take
effect June 1, 1943.

Approved April 30, 1943.

CHAPTER 309.
(House Bill 29)

AN ACT to repeal and re-enact, with amendments, Section 126
of Article 48A of Flack's Annotated Code of Maryland (1939
Edition), title "Insurance", sub-title "Life, Accident and
Health Insurance", relating to Industrial Life Insurance
Companies.

SECTION 1.. Be it enacted by the General Assembly of Mary-
land, That Section 126 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hereby repealed and re-enacted, with amendments, to read as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:

126. Industrial Life Insurance Companies. Companies
issuing certificates for the payment of money or other benefits
in the event of sickness, accident or death, or other contingency,
either to the members, policy or certificate holders, or to their
families or representatives whether the payments be stipulated
to be made annually, or at shorter or longer intervals, upon any
contract of annuity in which the continuance of any life,
whether singly or in connection with other lives jointly or in
succession, or combined in any way whatsoever, or during sick-
ness or disability, is involved as an element of the contract, may
be formed, subject to the provisions of this Article applicable to
life insurance companies, and not inconsistent herewith, on the
mutual, co-operative, assessment or stock plan. Any such com-
pany formed 011 the mutual, co-operative or assessment plan,
shall not be entitled to receive a certificate of authority to
transact such business, or issue any benefit certificate, or pay
or allow, or offer or promise to pay or allow to any person
any death, endowment or disability benefit until actual bona
fide applications for death benefit certificates shall have been
secured upon at least five hundred lives for the aggregate