842                                LAWS OF MARYLAND                       [CH. 615

been granted exemption from federal income taxation under the
provisions of Section 501 of the federal Internal Revenue Code of
1954; provided, however, that such special permit shall be in effect
only so long as such educational, OR religious or charitable organiza-
tion shall be exempt from federal taxation under the provisions of
Section 501 of the federal Internal Revenue Code of 1954. Such
permit shall authorize such [college or university] educational, OR
religious or charitable organization to receive gifts of money or
other property conditioned upon, or in consideration of, its agree-
ment to pay an annuity to the donor or his nominee, and to make and
carry out such annuity agreement.

(b)  Reserves to be maintained by [college or university] edu-
cational, OR religious or charitable organization; annual reports.—
Every such [college or university] educational, OR religious or chari-
table organization issuing annuities under such permit shall have and
maintain admitted assets at least equal to the sum of adequate
reserves on its outstanding annuity agreements as indicated by an
annual report which shall be submitted to the Commissioner within
ninety (90) days after the termination of such [college's or uni-
versity's] organization's fiscal year. Such annual reports shall be
treated as confidential by the Commissioner and shall not be available
for public inspection. In determining the reserves of any such
[college or university] organization on outstanding annuity agree-
ments a deduction shall be made for all or any portion of an annuity
risk which is reinsured by a life insurance company authorized to
do business in this State.

(c)  Permit required; revocation or suspension of permit.—No
such [college or university] educational, OR religious or charitable
organization shall make or issue in this State any annuity agreement
unless or until it has obtained from the Commissioner a permit
issued in accordance with the provisions of this section. If the Com-
missioner finds, after notice and hearing, that any such [college or
university] organization, having such a special permit, has failed
to comply with the requirements of this section or is not exempt
from federal income taxation under the provisions of Section 501
of the federal Internal Revenue Code of 1954, he may revoke or
suspend such permit or he may order such [college or university]
organization to cease making any new annuity contracts until such
requirements have been satisfied. In case of such revocation or
suspension, outstanding annuity contracts shall remain in full force
and effect. The action of the Commissioner in revoking or suspending
any such permit or in making any such order shall be subject to
judicial review as provided in this article.

(d)  Exemption of [colleges and universities] educational, AND re-
ligious and charitable organizations from other provisions of article.
—Every such [college or university] educational, OR religious or
charitable organization issuing annuities under special permit from
the Commissioner shall be exempt, otherwise than as provided in this
section, from the provisions of this article with respect to such
activity, and no law enacted hereafter shall apply to them unless
they be expressly designated therein.

(e)  Acceptance by [college or university] educational, OR religious
or charitable organization of conditional donations, other than by
annuity contracts.—Every [college or university] educational, OR re-