SuPERIXTE DEXT OF THE INSURANCE DEPARTMENT. X1V

ally subscribed for, in cash, and that the same had been deposited in bank to the credit of the mortuary fund to be held in trust for the benefit of the beneficiaries.

At the time of the passage of this amendatory act, applications were on file in this Department for the incorporation of twenty-three different assessment associations, in which the preliminary papers had been made out in accordance with the loose and inadequate requirements of the original act, chapter 175 of the Laws of 1883, but on which the final certificate of the superintendent conferring authority to commence business had not yet been issued. Inasmuch as the amendatory act repealed so much of the act of 1883 as was inconsistent with its provisions, and as said papers on file did not comply with the more rigorous requirements of the new law, the final certificate of authority was refused to each and all of them. It is a fact worthy of special remark, as showing the salutary effect of the new law, that not one of these twenty-three cases were subsequently made to conform to the new requirements, and consequently none of these applicants have succeeded in becoming incorporated. The necessity of having the two per centum, amounting to at least $8,000, paid in in cash as a condition precedent to incorporation seems to have been a sufficiently hard exaction of the statute to drive them all out of the field. If none of them could raise that amount as a pledge of good faith and as partial security for the fulfillment of their obligations, the interests of the public were undoubtedly promoted by keeping them all out. Another significant fact may be here noted, that not a single new assessment asso-