Any mutual company formed under this act shall be authorized to do the business of insurance when it shall have insurance in force against death amounting to not less than two hundred fifty thousand dollars upon at least two thousand persons: Provided, That no such company shall be authorized to do the business of insurance until it shall have a guaranteed¹ capital of at least twenty-five thousand dollars and a surplus of at least twenty-five thousand dollars and until it shall have deposited with the Insurance Commissioner the sum of twenty-five thousand dollars in cash or approved securities, which sum the Insurance Commissioner is hereby authorized and empowered to receive; and it shall be his duty to hold the same for the benefit of the members of such corporation and its creditors, preference being given thereto in the following order, to wit: first, claims under policies; second, salaries of employees; third, general creditors.