The maximum premium payable by any member of a mutual company shall be expressed inthe policy and inthe application for the insurance. Such maximum may be a cash premium andan additional contingentpremiumnot less thanthe cash premium, or may be solelya cash premium, which premium may be made payable ininstallments or regular assessments. No policy shall be issued for a cash premium without an additional contingent premium unless the company has a surplus which isnot less in amount than the capital stock required, at the time of the organization of such mutual insurance company, of domestic stock insurance companies writing the same kind of insurance; but said surplus shall not be less than one hundred thousand dollars.
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