(b) Every license, including every renewal license, issued to a foreign or alien society shall be for a term expiring on April thirtieth following the date of issuance, but such license shall continue in full force until a renewal license shall have been issued or shall have been specifically refused by the superintendent.
(c) No alien society shall be authorized to do business in this state unless it shall at all times maintain trusteed assets, a trusteed surplus and a deposit in the United States pursuant to the provisions of sections one thousand three hundred twelve, one thousand three hundred fifteen, and one thousand three hundred twenty of this chapter, respectively. Such trusteed surplus shall be in an amount not less than four hundred fifty thousand dollars and shall be held in trust for the security of members in the United States admitted to the society on or after January first, nineteen hundred forty. The term "policyholders in the United States" as used in sections one thousand three hundred twelve, one thousand three hundred fifteen and one thousand three hundred twenty of this chapter shall be deemed, in the case of authorized alien societies, to refer to members in the United States admitted to the society on and after January first, nineteen hundred forty.
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