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

pany in force prouided that each loan is less than
the net reserve of the policy which the loan is
made, according to the standard of valuation pre-
scribed in this act; and provided that the current
market value of such pledged securities other tha
the bonds and stocks of this State of the United
states snail be at all times during the continuance
Of such loans, at least ten per cent than the
sum loaned on them, and all such loans shall be
subject to the power of the company to terminate
the in the depreciation of the securities
below that limit; ana proulded that in all invest
ments made upon mortgage securities the evidence
OF the debt shall accompany the mortgage or deed
of trust; and the insurance commissioner shall have
the authority, when any of the securities mentioned
in this section and held by any insurance company
reporting to him, are of doubtful market value, or
without any ascertainable value in the exchanges,
to cause the same to be appraised by two disnteres
TED ana competent persons, whose estimate of the
value OF such securities shall be taken to be the
value thereof, unless the company by placing some
of them upon the market and obtaining a bona fde
offer therefor. shall SO establish for them different
value.
81. Whenever the attorney general of the State or
the States Attorney for the City of Baltimore for
any county of this State, shall be required by the
insurance commissioner to institute proceedings
against any insurance company Incorporated under
the laws of this State to ascertain whether such cor
poration has been guilty of such misuse, abuse or
non user of its corporate powers and franchises, as
by law would authorize and make proper the for
fixture of its charter, corporate powers and fran
chises the said attorney general States Attorney,
as the case may be, so required, shall file with the
Superior Court of Baltimore city, with the Cir
cult Court Of the county as the case may be- petit
ton in the name of the State setting forth fully in
detail the alleged abuse misuse or non user by rea
son whereof the forfeiture is sought and upon the
filing of such petition the Court in which it is fled,
or any Judge thereof shall lay rule requiring the
said company or corporation to show cause within
such time as the said judge may deem proper, why
decree of forfeiture should not be passed prayed
in said petition copy of which rule, and the petit
ton shall be served on the president, manager sec
Rotary some other officer of the said company or
corporation, by day to be therein limited, not eX-
ceeding twenty days. other processes against such
companies corporations directed to be served;
and further proceedings shall be had in said cause
i'll conformity with the act passed atJanuary session.
eighteen hundred and sxty-eight, chapter fourhun
dred and seventy-one.
Sc. Any person or persons or any company or
ISOLATION violating any of the provisions of this act
shall be subject to fine of not less than one hun
dred dollars nor more than one thousand dollars,
which fines shall be sued for in the name of the
State OF Maryland and collected all other fines,
are imposed by the laws of this State now col
leetabe and any act or part Of an act inconsistent
with the provisions of this act be, and the same
accrued, or penalty incurred red under any existing
law repealed by this act shall be thereby waved or
annulled in any way, but the same may be enforced
clause had not been passed; and prouded further that
when by the laws of any other State any deposit of
money or securities are required or taxes fines or
penalties, or other obligations prohibitions, are
imposed upon insurance companies Incorporated
or organized under the laws of this State and trans
acting business in such other State, or upon the
agents of such insurance companies, greater than
those required or imposed by the laws of this State
so long as such laws continue in force, the same
taxes, fines penalties and deposits, obligations and
prohibitions, shall be imposed upon all agents or
in this State instead of those prescribed by the laws
of this State any deposit of money securities
quired by this section, shall be made with the Treas
urer of this State and it shall be the duty of the
treasurer to assign and change. or surrender, any
such securities held by him, upon the joint ap
plication of the insurance commissioner and the
company to which they belong, and the treasurer
shall make no transfer of such securities except
upon such Joint application of the insurance COM
missioner, and the company by whom they have
been deposited and all such transfers must be couH
tersigned by the insurance commissioner.
los. The insurance commissioner shall annually
at the time of issuing license to 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
this State, once week for three successive weeks
in daily newspaper published in the city of Balti-
more except that in of insurance companies of
GoqnfeS 81 this STATE, The neNsPaaer Selected for
such publication, must be published in the county
where such company is located. The companies
shall i'll addition, publish in another paper, said
abstract once week for three successive weeks,
and the insurance commissioner and the company
hereby provided for to be made within thirty days
after the annual sta tement of the company has been
received by him. and the actual net cost of said pub
LEGATION by him. he is hereby authorized to collect
from each company whose statement $50 published
by him.
Sec 9 And be 1t enacted, That this act shall take
effect from the date Of its passage.
'''-i : u FRTTER S. HOBIITZELL,
Speaker of the House of Delegates.
EDWARD LLOYD,
Approved this Goth day of March, 1878.
JOHN LEE CARROLL,
Governor of Maryland
We hereby certify that the afoEegoing Il q SoLTeet
IRs d at passed 4ss R }a G SSs Session. u.s.
"'"'i AUGUSTUS GAssAwAY,
Secretary IE A3 Of the { i Senate,
Chief Clerk House of Delegates,