J. MILLARD TAWES, Governor                      979

by formal certificate or license, authorized it to do so. Application for
such certificate of authority or license shall be made on forms to be
supplied by the Insurance Commissioner containing such informa-
tion as he shall deem necessary. Each application for such certificate
of authority or license, as a part thereof, shall be accompanied by
copies of the following documents, duly certified by at least two (2)
of the executive officers of such corporation:

(1)   Certificate of incorporation, with all amendments thereto;

(2)  By-laws, with all amendments thereto;

(3)   Each contract executed or proposed to be executed by and
between the corporation and any hospital, physician, chiropodist or
dentist embodying the terms under which hospital, medical, chiropo-
dial or dental service is to be furnished to subscribers to the plan;

(4)  Each form of contract issued or proposed to be issued to sub-
scribers to the plan, together with a table of the rates charged, or
proposed to be charged, to subscribers for each form of such contract;

(5)   Financial statement of the corporation, which shall include the
amount of each contribution paid or agreed to be paid to the corpor-
ation for working capital, the name or names of each contributor
and the terms of each contribution.

(b) The Insurance Commissioner shall issue a certificate of author-
ity or license to each applicant upon the payment of the fee pro-
vided for by Section 42 of this Article and upon being satisfied:

(1)  That the applicant has been organized bona fide for the pur-
pose of establishing, maintaining and operating a nonprofit health
service plan;

(2)   That each contract executed, or proposed to be executed, by
the applicant and any hospital, physician, chiropodist or dentist for
the furnishing of hospital, medical, chiropodial or dental service to
the subscribers to the health service plan, obligates, or will when
executed, obligate each hospital, physician, chiropodist or dentist
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, and that each subscriber shall be entitled to reimbursement
for any such chiropodial service, whether the said service is per-
formed by a doctor of medicine or duly licensed chiropodist.

(3)   That each contract issued, or proposed to be issued, to sub-
scribers to the plan is in a form approved by the Insurance Com-
missioner, and that the rates charged, or proposed to be charged, for
each form of such contract are fair and reasonable;

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

(5)   That the amount of money actually received by the applicant
upon the term specified in paragraph (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