794

LAWS OF MARYLAND

Ch. 267

(2)    A sworn statement by the president and
secretary or corresponding officers of each society
showing the financial condition thereof on a date fixed
by the Commissioner but not earlier than December 31,
next preceding the date of the contract;

(3)    A certificate of such officers, duly
verified by their respective oaths, that the
consolidation or merger has been approved by a two—thirds
vote of the supreme legislative or governing body of each
society; and

(4)    Evidence that at least sixty (60) days
prior to the action of the supreme legislative or
governing body of each society, the text of the contract
has been furnished to all members of each society either
by mail or by publication in full in the official organ
of each society.

(b)    The affidavit of any officer of the society or
of anyone authorized by it to mail any notice or
document, stating that such notice or document has been
duly addressed and mailed, shall be prima facie evidence
that such notice or document has been furnished the
addressees.

(c)    If the Commissioner finds that the contract is
in conformity with the provisions of this section, that
the financial statements are correct and that the
consolidation or merger is just and equitable to the
members of each society, he shall approve the contract
and issue his certificate to such effect. Upon such
approval, the contract shall be in full force and effect
unless any society which is a party to the contract is
incorporated under the laws of any other state. In such
event the consolidation or merger shall not become
effective unless and until it has been approved as
provided by the laws of such state and a certificate of
such approval filed with the Commissioner or, if the laws
of such state contain no such provision, then the
consolidation or merger shall not become effective unless
and until it has been approved by the insurance
supervisory official of such state and a certificate of
such approval filed with the Commissioner.]

[349.

Upon the consolidation or merger becoming effective
as provided in § 348, all the rights, franchises and
interests of the consolidated or merged societies in and
to every species of property, real, personal or mixed,
and things in action thereunto belonging shall be vested
in the society resulting from or remaining after the
consolidation or merger without any other instrument;
except that conveyances of real property may be evidenced
by proper deeds, and the title to any real estate or
interest therein, vested under the laws of this State in
any of the societies consolidated or merged, shall not