The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1878-05-11

pany N force lr9rded that each loan is less than
me net reserxe OF the policy on which the loan is
scrbed in this act Gld pr1rifef thar the current
market value Of such pledged securities other than
the bonds ana stocks OF this State or of the United
States shall be at all times during the Continuance
OF such loans AZ least ten per cent nore than the
snn l..le ~ ueIn and all such loans shall be
sN1ect 70 ule power OF the company to terminate
the same IN case OF the depreciation al ha sa1,rti
beoM ma iiililt aa prortdof. that in all invest
nlets hie upon mortgage securities the evidence.
OF the debt shall accompany the mortgage or decd
Of trust and the insurance commissioner Shall have
the authority. when any OF the securities mpntiOnrd
IN this section and held By any Insurance coInnauy
reporting n him, are of doubtful market value OF
without any ascertainable value In the exchaD9ps
20 cause the same to be apprais,. by two iisinteS
ted ana competent persons, whose estimate OF the
value OF such securities shall be faEen ~ he tbs
value thereof, nnlessthe company BY placing some
Of them upon the market and obtaining a bona sdr
oner therefor shall so establish for them different
- Whenever the attorney general of the State or
the states Attorney for the CITY Of Baltimore or for
insurance commissioner TO institute proceeiings
against any insurance company incorporaffi under
te laws OF TINS state 20 ascertain whether such cor
PoIatlou hs Deen guilty OF such misuse, abuse or
non-user OF its corporate powers and franchises AS
by law would authorize and make proper the for
feiture OF us charter corporate powers and fran-
ehses The said attorney general or States ATTORNEY
as the case may be- 50 required shall file with the
Superior Court of Baltimore city or with the Cir
cunt Court OF the county the case may be- a pefi-
ton in the name of the State setting forth fli in
oeta tne alieged aouse misuse or non-user. by
ming OF such petition, the Court in which ii is lied
or any judge thereof shall lay rule requiring the
sald company or corporation TO show cause within
such time as the said Judge may deem proDer ,TbV
decree OF forfeiture should not be passed a. prayeS
IN sln Psltoh copy OF which rule, and the petit
ton snail be served on the president manager see
reta-y or some other officer OF the said comnanv or
corporation, by day 10 be therein limited not ex-
ceeug twenty days, a other processes against such
companies or corporations directed 10 be served
anu ilrther proceedings shall be had in said cause
IN conformity with the act passed at January session
eighteen hundred and sixtv-eiRht chauter iour hmm
dred and seyenty-0ne
g. ANY person OF persons, or any company or as
soclaton violating any of the provisions this act
shall be subject 10 fine of not less than one hun
aTed dollars nor more than one thousand dollars.
Mhlch hnes shall be sued for in the name of the
state OF Maryland, and collected as all other fines
as are imposed by the laws of this State are now col
eetable and any act part OF an act inconsistent
Win te PROVISIONS OF this act be, and the
hereby repealed; provided that no right of action
accrued, or penalty incurred under any existing
law repealed by this act shall be thereby waved or
Ahhulied IN any way, but the same may be enforced
Under SAID acts in the same way If the repeating
cIsuse had not been passed. and prorided further that
When by the laws of any other State any deposit O.
money OF securities are required or taxes fines or
penalties, or other obligations prohibitions are
iniPosed upon insurance companies incorporated
or organized under the laws of this state and trnns-
acting business in such other State, upon the
agents OF such insurance companies greater than
those required or imposed by the laws OF this state
50 long as such laws continue In force, the same
taxes, fines, penalties and deposits obligations and
prohibitions. shall be imposed upou All agents or
insurance companies Of such State doing business
III is STATE, instead OF those prescribed by the laws
VI TINS State any deposit OF money or securities
quired by this section shall be made with the Treas
urer OF this state, and IL shall be the duty of the
treasurer TO assign and change or surrender any
sneh securities so held by him, upon the joint APP
plicatiOn Of the insurance commissioner and the
company TO which they belong. and the treasurer
shall make no transfer of such securities exrept
upon such joint application of the insurance com
ms, and the company by whom they have
been deposited and all such transfers must be coun-
terslgned by the insurance commissioner.
no Inc insurance commissioner shall annually
al the time of Issuing license % each insurance
company doing business in this state publish an
ABSTRACT OF the annual statement required by this
act, OF each insurance company doing business in
TINS state once week for three successive weeks,
IN ahily newspaper published in the city of Balti-
more. except That in case of insurance companes of
this state, having their principal Office I'm one of the
couhues OF TINS state, the newspaper selected for
such publication must be published in the county
where such company is located The companie.s
snail IN addition. publish in another paper. said
abstract, once week for three successive weeks.
ana the insurance commissioner and the cnmpanV
shall cause the first appearance of the pubication
hereby provided for, To be made within thirty days
after the annual statement Of the company has been
received by him. and the actual net cost OF said pub
lieation by him, he is hereby authorized % collect
by him.
Sec . And be Il enacted. That this act shall take
effect from the date OF Its passage
FETTER ). HOBLITZELL
Speaker Of the House of Delegates
EDWARD LLOYD,
President of the Senate.
Approved this 20th day Of March. 1875.
JOHN LEE CARROLL
Governor of Maryland.
We hereby certify that the aforeguing is a correct
copy OF an Act passed the General Assembly OF
Maryland, passed al the January Session 1873
AUGUSTUS GAssAwAY,
Secretary OF the Senate.
MILTON Y. KIDD.
Chief Clerk House of Delegates