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1860
LAWS OF MARYLAND
[Ch. 311
(4) COLLECT FROM EACH APPLICANT THE AMOUNT OF
AT LEAST ONE REGULAR MONTHLY PREMIUM UNDER ITS TABLE OF
RATES AS PROVIDED BY ITS CONSTITUTION AND LAWS, AND ISSUE
TO EACH APPLICANT A RECEIPT FOR THE AMOUNT RECEIVED;
(5) COLLECT PREMIUMS AS PROVIDED IN ITEM (4)
OF THIS SUBSECTION IN AN AGGREGATE AMOUNT OF AT LEAST
$2,500 AND CREDIT THE PREMIUMS TO THE FUNDS FROM WHICH
BENEFITS ARE TO BE PAID;
(6) ESTABLISH AT LEAST TEN SUBORDINATE LODGES
OR BRANCHES INTO WHICH THE APPLICANTS ARE ADMITTED;
(7) SUBMIT TO THE COMMISSIONER, UNDER THE
OATH OF THE PRESIDENT OR SECRETARY OR A CORRESPONDING
OFFICER OF THE SOCIETY, THE NAME, ADDRESS, DATE OF
ADMISSION, AND AMOUNTS OF BENEFITS AND PREMIUMS OF EACH
APPLICANT, AND THE NAME AND NUMBER OF THE SUBORDINATE
BRANCH OF WHICH THE APPLICANT IS A MEMBER; AND
(8) SUBMIT TO THE COMMISSIONER, UNDER OATH OF
ITS TREASURER OR A CORRESPONDING OFFICER, A STATEMENT
THAT AT LEAST 500 APPLICANTS HAVE PAID THE PREMIUMS
REQUIRED BY ITEMS (4) AND (5) OF THIS SUBSECTION.
(C) ADVANCE PREMIUMS HELD IN TRUST.
ALL ADVANCE PREMIUMS SHALL BE HELD IN TRUST DURING
THE PERIOD OF ORGANIZATION AND, IF THE SOCIETY HAS NOT
QUALIFIED FOR A CERTIFICATE OF AUTHORITY WITHIN ONE YEAR,
THE PREMIUMS SHALL BE RETURNED TO THE APPLICANTS.
REVISOR'S NOTE: This section presently appears as
Art. 48A, §313.
In subsection (b)(5) of this section, the
express statement that "no part of the
premiums may be used for expenses" is deleted
as unnecessary in light of the directive that
the premiums be credited to funds for the
payment of benefits.
The only other changes are in style.
6-408. TIME FOR COMPLETING ORGANIZATION.
UNLESS THE SOCIETY RECEIVES A CERTIFICATE OF
COMPLIANCE AS PROVIDED IN §6-409 OF THIS SUBTITLE, ITS
PRELIMINARY CERTIFICATE IS NOT VALID AND ITS ARTICLES OF
INCORPORATION AND EVERY PROCEEDING UNDER IT ARE NULL AND
VOID AFTER ONE YEAR FROM THE DATE OF THE PRELIMINARY
CERTIFICATE OR, IF AUTHORIZED BY THE COMMISSIONER FOR
GOOD CAUSE SHOWN, AFTER AN ADDITIONAL PERIOD NOT
EXCEEDING ONE YEAR.
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