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cate whenever, by assessment or otherwise, said reserves have been increased to a sum sufficient, in his judgment, to insure and secure the payment of the policy obligations of such association.

Ibid, sec. 154G.

154G. Every such association shall make reports to the State Insurance Commissioner at the same time and in the same manner as are required from stock insurance companies transacting the same kind of business, and the State Insurance Commissioner may examine into the affairs of such association at any time, either personally or by any duly authorized examiner appointed by him, but he must make such an examination into the affairs of said association at least once in every two years.

Ibid, sec. 154н..

154н. The members of any such mutual insurance association may make reasonable rules and regulations, not in conflict with the laws of the State, for the betterment of the industries in which they are engaged, including particularly rules and regulations for the prevention of accidents to employees on the premises of employer members, and they may impose fines and forfeitures for the violation of any such rules and regulations. Such rules and regulations and fines and forfeitures shall be submitted to the State Industrial Commission, and when approved by it shall be enforced by the directors of any such association. Should the members of such an association fail to make such reasonable rules and regulations, the directors thereof shall make and submit them to the State Industrial Commission for its approval, and when approved by said Commission, the directors of such association shall enforce them. If such an association appoints one or more inspectors or experts for the purpose of accident prevention they shall have free access to all premises of employer members, where work is being conducted, during regular working hours. The policy of any member neglecting to provide suitable safety appliances as provided by law or as required by the rules and regulations of the association may be canceled and terminated by the board of directors after giving to such member notice of such cancellation ten days prior to its becoming effective.

Ibid, sec. 1541.

1541. After January first, nineteen hundred and sixteen, the State Insurance Commissioner may, in his discretion, issue a certificate of authority to a mutual association organized under the laws of another State to do such insurance in this State; provided that, in no event, shall authority be given to any such mutual association to do other kinds of business than those specified in Section 154A of this Article. Such association shall be required to maintain the same reserves for the protection of members and employees as are required for domestic associations authorized to transact the same kind of insurance.

Ibid, sec. 154J.

154J. Nothing in this Article shall prevent any employer and his or its employees, subject to the approval of the State Industrial Commission, from agreeing upon and conducting any scheme of compensation, benefit or insurance for the purpose of insuring the payment of compensation or any other liability of such employer to his employees, or, in the event of death, to the dependents of such employees as the result of accidental injury to such employees, or for insuring to such employees sick, old age or other benefits; provided any such scheme of compensation, benefit or insurance shall maintain the same reserve as is required under Section 154r of this Article of mutual insurance associations for the same kind of business and shall make reports to the State Insurance Commissioner and shall be subject to examination by him as is provided in Section 154G of this Article for mutual insurance associations. But no such scheme shall assume any insurance risk until it receives a license from the State Insurance Commissioner, who shall not grant or issue to it any license until the State Industrial Commission certifies to him its approval of the plan of such scheme. And no such scheme shall be so approved or certified by the State Industrial Commission unless there are at least five hundred employees to be insured therein and the premium rates to be paid are, in the judgment of said Commission, adequate for the benefits promised, and unless the scheme provides for extra payments thereto in the event they should be neces

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sary to maintain the required reserve. But the approval of any such scheme for the insurance of so small a number of employees as five hundred shall be discretionary with the State Industrial Commission, which shall withhold its approval of any such scheme for the insurance of a smaller number than two thousand employees unless the financial plan of the scheme is especially strong or the risk of hazard is exceptionally low.

If the State Industrial Commission shall at any time find that the scheme no longer fulfills the requirements of this section, or is not fairly administered, or other valid and substantial reasons therefor exist, it shall withdraw its approval and so notify the State Insurance Commissioner, who shall revoke the license of such scheme. When such a license is revoked or expires, any moneys or securities held for the purposes of the scheme, shall, after due provision has been made to discharge the liabilities already accrued, be disposed of or distributed as may be arranged between the employer and his employees, or as may be determined by the Commission, in the event of a difference of opinion, according to the rights of the parties.

Where such an approved or certified scheme of compensation, benefit or insurance is in effect the employer shall answer all inquiries in regard thereto as may be required by the State Industrial Commission.

1916, ch. 195.

154K. Any such association formed under the provisions of Sections 154 A, B, C, D, E, F, G and H of Article 23 of the Code of Public General Laws of Maryland of 1914 shall be exempt from the payment of the license fee provided in Section 189 of Article 23 of the Code of Public General Laws of Maryland of 1910.

1916, ch. 256, sec. 154L.

154L. No purely mutual fire insurance company, or mutual fire insurance company with guaranty capital of less than one hundred thousand dollars, hereafter organized or incorporated, shall issue any policy or contract or begin or transact any business of insurance in this State, until not less than two hundred and fifty thousand dollars of insurance, in not less than one hundred separate risks, no one of which, for the purpose of

complying with the foregoing requirement as to amount at risk, shall be allowed for a sum in excess of five thousand dollars, shall have been subscribed for and entered on its books, and a list of the subscribers for insurance, with such other information as the Insurance Commissioner may require, shall have been filed with said Insurance Commissioner; nor until the president and secretary of the company shall have certified under oath that every subscription for insurance in the list so filed is genuine and made with an agreement with every subscriber for insurance that he will take the policies subscribed for by him within thirty days of the granting of the license to the company to issue policies; nor until appilcation therefor shall have been made to the Insurance Commissioner and a license granted to said company by said Commissioner authorizing it to issue policies and transact the business of a mutual fire insurance company. Said Commissioner may withhold the granting of such license to any such company applying as aforesaid until he shall have satisfied himself by such examination as he shall deem requisite, that said company shall have complied with all the laws of this State applicable to such company. If the president and secretary of any mutual fire insurance company shall take a false oath relative to the certificate required by this section, they shall be guilty of perjury.

No mutual fire insurance company, operating on the cash premium plan, nor any mutual fire insurance company with a guaranty capital of less than one hundred thousand dollars, either of which has become insolvent, or has reinsured or canceled its risks so that it has on its books less than two hundred and fifty thousand dollars of insurance in force, not reinsured in not less than one hundred separate risks in this State, shall make any further insurances until it has secured applications for policies which, together with the unreinsured risks in force, shall amount to not less than two hundred and fifty thousand dollars in not less than one hundred separate risks in this State, said applications to be subject to the same provisions of this section as apply to the subscriptions for insurance in a new company. Upon the filing of such applications with the Insurance Commissioner, he shall make such investigation as is necessary to verify the above, and upon his finding that the law is

complied with he shall grant a new license to such company to issue policies.

1916, ch. 256, sec. 154м.

154м. Every such company shall adopt by-laws for its government, which shall fix the date of its annual meeting, shall specify the method of calling special meetings, shall state the number of directors and the terms for which they shall hold office and may provide for the division of its board of directors into two, three or four classes and the election thereof at its annual meetings in such manner that the members of one class only shall retire and their successors be chosen each year; shall state what officers, if any, other than president, secretary and treasurer may be chosen; shall provide for filling vacancies in any office and in the board of directors for the unexpired term; may provide for an investment committee from the directors; shall fix the contingent mutual liability of the members and shall make proper provision for alteration and amendment of such by-laws; shall provide a seal of the corporation and give a description of the same; and nothing in such by-laws shall be of any force or effect, if contrary to any specific or general statute.

1916, ch. 256, sec. 154N.

154N. Every such company shall elect by ballot a board of not less than five directors, who shall manage and conduct its business and who shall hold office for one year or for such term as the by-laws may provide, in accordance with the provisions of this article, and until their successors are qualified.

Three-fifths at least of the directors shall be citizens of the United States, and after the first election, members only shall be eligible, but no director shall be disqualified from serving the term for which he was chosen by reason of the expiration or cancellation of his policy, provided, that in companies with a guaranty capital, one-half of the directors shall be chosen by and from the stockholders.

A majority of the directors who reside in this State shall constitute a quorum for the transaction of business by the vote of a majority of those in attendance. The directors shall annually choose by ballot a president, who shall be a member of the

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