Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1878-05-03
LOaCS---Ge2lerOI.

this or any other State Of the United States,
worth at least double the amount loaned thereon
exclusive of buildings, except where such build
ings are insured against fire, and the policies
duly assigned as additional security, when the
value of the buildings so insured-to an extent
not exceeding the amount for which they are
insured-shall be taken into account as part
of the security for such loan, in determining
whether the security is worth double the amount
loaned thereon; or it may be loaned on pledges
of any security named in this section or on the
policies of the company in force F.; pr0Uided, that
each loan is less than the net reserve of the poll
cy on which the loan is made, according to the
standard Of valuation prescribed in this act; and
pro0tded, that the current market value Of such
pledged securities, other than the bonds and
stocks Of this State, or of the United States,
shall be at all times during the continuance of
such loans, at least ten per cent. more than the
sum loaned on them, aud all such loans shall be
subject to the power of the company to termi-
nate the same in case of the depreciation of the
securities below that limit and proUided, that
in all investments made upon mortgage securi-
ties, the evidence of the debt shall accompany
the mortgage or deed of trust and the insur-
ance commissioner shall have the authority,
when any of the securities mentioned in this
section and held by any insurance company re-
porting to him; are Of doubtful market value
or without any ascertainable value in the ex-
changes, to cause the same to be appraised by
two disineresled and competent persons, whose
estimate Of the value of such securities shall be
taken to be the value thereof, unless the COM
pany, by placing some of them upon the market
and obtaining bona tide offer therefor, shall so
establish for them different value.
50. Whenever the attorney general Of the
State, or the States Attorney for the City of
p"l'ilnore' VI lor al! county ol thlS oule, shali
oe tequlreu ~ NC Insurance commissioner 10
INSTITUTE proceedings against auy insurance
colhPah! incorporates uhuer the laws Oh ms
ptate W ascertain whetIer sucI corporation mas
peen gullty OF sucn misuse, aouse or hoh-user
40 vi Pol".T pGme.s anu ilanciiIseS, dts W
iaW "ouiu aulnorlAe anu make proper the tor,
el'ule VI 10 o.aitei, ootPol"te powers anu
'IahcliSes' lhe salu attorney general, or states
oornGy as Tue case may oe' SO Iequlreu' snall
me- WIN eno e'Uul' Vi Daiuilofe CITY,
u t.i1 oi'ouI' CoulI vi 'he couh9, as tue case
may oe, pecitioh III t',c name Oh the state,
sott'hg Iorth IuIiy III uetail tue allegeu ABUSE,
VI hoh-user, ny reason "nereoi me lor
.,:.io 10 souSnt anu upon tne ming Vi such
pesitiou the GouIt IN "lllch 1t IS lleu, or any
Iuuse theieo' sudil Jay rule requiring lhe said
'olipany Vi coipora'ioi 10 sho" cause Wlthln
such ',he Us tne saiu Judge may ueem proper,
why ueS'e VI !o''ei'ute snouiu not oe passed
DIS pra9eu III saiu peutioh, copy OF "hlch
iule, anu 'ne Poti'on sndli NC served on the
Presiuon.' manager, SECRETARY UT some other
0ihcer OF the sara company or corporation, 10y
u"y " pe thereih lihilteu' not exceeding twenty
udys' us otner processes against Such companies
or IolPoratlons are directed TO oe served and
lurtner proceedings shall DC hao IN sald cause IN
cohlormiy WIN tle act Passeu at January SEES
SION eighteen huhoreo ana slAty-eight, chapter
iour HunuIou anu se'enly-ohe'
SO. Any person or persons. or anv compenv
or association violating any of the provisions
of this act. shall be subject to n fine of not less
than one hundred dollars nor more than one
thousand dollars, which fines 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 collectable :
and any act or part of an act inconsistent with
the provisions of this act be- and the same
are hereby repealed provided that no right of
action accrued, or penalty incurred under any
existing law repealed by this act, shall
DC tnereoy waved or annuiled IN any way,
OUT the same may De enforced under said acts in
the same way, as II the repeating clause had
not been passed and provided further, that
Wheh py the laws OF any other Stale, any deposit
OF money OF securities are required, or taxes,
hnes OF penaltles, OF other obligations or pro
hloltlons, are imposed upon insurance eompan-
les companies Incorporated or organized under
the laws OF inns STATE and transaciing businessin
such other state, or upon the agents OF such in
surance companies, greater than those required
or imposed ny the laws OF this State, so long as
such laws continue IN force, the same taxes, fines,
penalties and deposits, obligations and prohibit
tons, shall be imposed upon all agents or insu-
rance companies OF such State doing business in
this state, instead of those prescribed by the
laws OF this State any deposit Of money or Sc
curlties required BY this section, shall be made
with the Treasurer OF this State ; and it shall be
sne uuty VI 'le treasurer 10 assign ana change, or
Tue any sucn seeari'tes SO nelu oy MN,
missioner and the company to which thew he
long, and the treasurer shall make no transfer of
sueh securities except upon such joint appliea-
s,on VI INC inIu'a "'1 commissioner, anu lhe
company oy wnom they nave been deposited,
the insurance commissioner. '~' =
los The insurance commissioner shou ~.
nually at the time of issuing license to each in
surance company doing business in this State,
publish an abstract of the annual statement re-
CURED by this act, of each insurance company
doing business in this State, once a week for
three successive weeks, in daily newspaper,
II case of ;nsnrone " Dan;,uoae enceps ma
having their nrincinal ofI;lo =; ono 81 S' H. ''
nbl;oa,;o 49, 'l ~ seec'eu ior sucn
where such company is located. The companies
9hSra :. au.'o, pJo.sn In smother paper salu
and the insurance commissioner and the com.
pany shall cause the first appearance of the pub.
lcalOn, hereby provided Tor, to be made within