Any insurance company organized and doing business under the laws of this state on what is known as the assessment plan, and having more than one thousand (1,000) members, and a reserve fund of not less than one hundred thousand dollars ($100,000), is hereby authorized subject to the limitations hereinafter contained, to issue stock in shares of fifty dollars ($50.00) each, to an amount of not less than one hundred thousand (100,000) nor more than five hundred thousand dollars ($500,000), and to receive subscriptions therefor.

Formerly: Acts 1895, c.158, s.1.