904                             LAWS OF MARYLAND                       CH. 486

(b) Beginning for the State's fiscal year which commences on
July 1, [1966,] 1968 1969, the Governor shall place in the State budget
an item to pay the State's one-third share to each of the community
colleges operating under this subtitle. It shall not exceed the sum of
[ten dollars ($10.00)] thirteen dollars and thirty-three cents
($13.33) per week per term for each full-time student at any com-
munity college, not to exceed a maximum of [one hundred fifty
dollars ($150.00)] two hundred dollars ($200.00) for any student
for one full term. The State Superintendent of Schools shall certify
to the State Comptroller on or before the last day of both September
and March in each year one half of the annual amount (whether
computed on the basis of a school year or of an academic term) which
is due the local board of trustees of each community college and
thereupon the Comptroller within five days shall draw his warrant
on the Treasurer of the State of Maryland for the respective amounts
due the said local boards of trustees; and the Treasurer of the State
of Maryland upon receiving such warrants shall immediately pay the
amounts due to the respective local boards of trustees.

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

Approved May 7, 1968.

CHAPTER 486
(Senate Bill 8)

AN ACT to repeal and re-enact with amendments Section 252 and
253(e) of Article 48A of the Annotated Code of Maryland (1964
Replacement Volume and 1967 Supplement), title "Insurance
Code," subtitle "Stock and Mutual Insurers," and to add a new
Section 253(f) thereto, to follow Section 253 (e) of said title and
subtitle of the Code, prohibiting the issuance of vehicle liability
insurance on an assessable basis after certain specified dates and
requiring certain minimum assets and surplus requirements for
an insurance company to engage in two or more kinds of insurance
businesses to be written on an assessable basis, and exempting
certain domestic insurers from these requirements.

Section 1. Be it enacted by the General Assembly of Maryland,
That Sections 252 and 253 (e) of Article 48A of the Annotated Code
of Maryland (1964 Replacement Volume and 1967 Supplement), title
"Insurance Code," subtitle "Stock and Mutual Insurers," be and they
are hereby repealed and re-enacted with amendments; and that a
new Section 253(f) be and it is hereby added to said title and subtitle
of the Code, and all to read as follows:

252.

(a) No mutual insurer shall be issued a certificate of authority
until bona fide applications have been received and cash premiums
collected in such amount that the premiums, together with any other
funds which may be legally available, will result in the insurer hav-
ing unencumbered assets over and above all required reserves and