SPIRO T. AGNEW, Governor                        339

335 336A.

Any fraternal benefit society seeking an initial certificate of au-
thority under this subtitle after June JULY 1, 1968, shall have work-
ing capital of at least $125,000 and shall at all times after issuance of
said certificate of authority maintain unencumbered assets over and
above all liabilities in the amount of $100,000.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1968.

Approved April 10, 1968.

CHAPTER 287
(House Bill 723)

AN ACT to repeal and re-enact, with amendments, Section 104(3)
(ii) of Article 48A of the Annotated Code of Maryland (1964
Replacement Volume), title "Insurance Code," subtitle "Invest-
ments of Other Than Life Insurers," to correct a technical error.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 104(3) (ii) of Article 48A of the Annotated Code of
Maryland (1964 Replacement Volume), title "Insurance Code," sub-
title "Investments of Other Than Life Insurers," be and it is hereby
repealed and re-enacted, with amendments, to read as follows:

104.

(3) (ii) Guaranteed stocks or shares shall be deemed qualified
if the assuming or guaranteeing institution meets the requirements
of paragraph (ii) of subsection (2) of this [sub]section construed
so as to include as a fixed charge the amounts of guaranteed dividends
of such issue or the rental covering the guarantee of such dividends.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1968.

Approved April 10, 1968.

CHAPTER 288
(House Bill 727)

AN ACT to repeal and re-enact, with amendments, Section 132(2)
of Article 48A of the Annotated Code of Maryland (1964 Replace-
ment Volume), title "Insurance Code," subtitle "Rehabilitation
and Liquidation," to include within the definition of insurer a
corporation operating a non-profit health service plan.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 132(2) of Article 48A of the Annotated Code of Mary-