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144 CORPORATIONS. [ART. XXIII
nies or Associations upon applying for said license shall pay the in-
surance commissioner the sum of five hundred dollars for the same;
or if the application be made subsequent to the beginning of a license
year, then a pro rata proportion of the said sums of fifteen hundred
dollars or five hundred dollars.
See section 154K.
192.
See notes to sections 184 and 218.
1904, art. 23, sec. 176. 1888, art. 23, sec. 128. 1888, ch. 424. 1892. ch. 488.
1894, ch. 256. 1902, ch. 338. 1914, ch. 813. 1916, ch. 133.
193. Organizations, as described in Section 192, issuing certificates
for the payment of money or other benefits in the event of sickness, acci-
dent or death or other contingency, either to the member, policy or
certificate holder, or by whatsoever name the same may be known, or
to their families or representatives, but issuing no certificate, certificates
or any other form of contract of payment in the aggregate of a greater
sum than one thousand dollars ($1,000.00), upon the termination of
any one life or combination of lives, or a greater sum than seventy-five
dollars ($75.00) annually, or the equivalent thereof, whether the pay-
ments be stipulated to be made annually, or at longer or shorter in-
tervals, upon any contract or contracts of annuity in which the contin-
nance of any one life, whether singly or in connection with other lives
conjointly or in succession, or combined in any way whatsoever, or
during sickness or disability, is involved as an element of the contract,
may be formed on the mutual, co-operative, assessment or stock plan;
and if on the latter plan, shall have paid-up capital of at least fifty
thousand dollars, except as hereinafter otherwise provided, and such
companies, whether formed on the mutual, co-operative, assessment or
stock plan, shall be possessed of and constantly maintain a sum of
money not less in amount than fifty thousand dollars, or in interest
or dividend-bearing securities of equal market value, and not in default
for interest or dividend, which shall be deposited with the Insurance
Commissioner of this State upon the terms prescribed for the deposits
made with the Treasurer of this State, mentioned in Section 157 of
this Article; provided, nevertheless, that such mutual, co-operative or
assessment industrial insurance societies, association or companies, or-
ganized and doing business in this State prior to January 1st, 1914,
and having a bona fide membership of not less than 500 persons, as
shall, prior to July 1st, 1916, and not thereafter, reorganize as stock
corporations under the provisions of Section 155 of this Article and
comply with all the requirements and provisions of said Section, may
have a paid-up capital less than fifty thousand dollars ($50,000.00),
but not less than ten thousand dollars ($10,000.00), provided that in
no case shall the assets of such company, including capital stock actually
paid in, at any time be insufficient to provide full legal reserve upon
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