Frostburg mining journal. [volume] (Frostburg, Md.) 1871-1913, 1878-05-04
-LW2cS---Ge1se1'Gi.

vi IL may pc invested IN ground rents, or loaned
| upon mortgages of unencumbered real estate in
this or any other State of the United States
| worth at least double the amount loaned thereon
exclusive OF buildings except where such build
| lngs are insured against fire and the policies
duly assigned as additional security, when the
value OF the buildings so insurei-to an extent
not exceeding the amount for which they are
insured-sha be taken into account AS a 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
| noIictS OF The company in force prordcd, that
each loan is less than the net reserve of the uoli-
| cy on which the loan is made according to the
| standard OF valuation prescribed in this act; anil
| Pr0'tded tFat the current market value Of such
/ pledged securities, other than the bonds and
stocks of this State, or of the United States
shall he 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 prOttded 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-
ancc 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 aSCcrtainable value in the eX-
| changes to cause the same to be appraised by
two dlsn:erestcd 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 a bona ute offer therefor shall so
establish for them different value
30. Whenever the attorney general of the
State, or the States Attorney for the City of
Baltimore, or 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 corporation has
been guilty of such misuse, abuse or non-uscr
OF Its corporate powers and franchises as By
law would authorize and make proper the for
TEXTURE OF its charter, corporate powers and
franchises, the sad attorney general, States
Attorney, as the case may be, so required, Shall
file with the Superior Court of Baltimore city.
or the Circuit Court of the county, as the case
may be, petition in the name OF the State
setting forth fully in detail the alleged abuse.
misuse or non-user, by reason whereof the for
lecture Is sought; and upon the filing of such
petition, the Court in which it is filed, 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 Iroper
why decree of forfeiture should not be passed
as prayed in said petition, Il copy of which
rule, and the petition shall be served on the
president, manager, secretary or some other
officer Of the said company corporation, by
day to be therein limited not exceeding twenty
days as other processes against such companies
or corporations are directed to be served; and
further proceedings shall be had in said cause in
conformity with the act passed at January ses-
sion, eighteen hundred and sXty-cight, chapter
four hundred and seyeuty-one.
3d. Any person or persons, or any company
or association violating any of the provisions
of this act, Shall be subject to a 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 colectable
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
be thereby waved or annuIled in any way,
| but the same may be enforced under said acts in
the same way, as if the repeating clause had
| not been passed and prOraed furtbcr, that
when 10y the laws ofany other State any deposit
| OF money or securities are required, or taxes,
| fines or penalties, or other obligations or pro
| hlbitlons, are imposed upon insurance compun-
les companies Incorporated or organized under
the laws OF this State and rhnsacting business in
SUCH other State or upon the agents OF such in
surance 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 prohibi-
tions, 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
curitcs required by this section, shall be made
with the Treasurer of this State; and it shall be
the duty of the treasurer to assign and change or
surrender, any such securities so held by him.
upon the joint application of the insurance COM
missioner and the company to which they be-
| long, and the treasurer shall make no transfer OF
such securities, except upon such joint appea-
ton of the insurance commissioner, and the
company by whom they have been deposited,
and all such transfers must be countcrsigncd by
| the insurance commissioner
l05. The insurance commissioner shall an
nualy at the time of issuing Il 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 Il week for
three successive weeks, in Il daily newspaper
published in the city Of Baltimore except that
in case of insurance companies of this State
having their principal office i'll one of the cour-
ties OF tins State, the newspaper selected for such
publication, must be published in the county
where such company is located The companies
Shall in addition, publish in another paper said
abstract, once week for three successive weeks
anu the insurance commissioner and the COM
| pany shall cause the first appearance of the pub
licaton, hereby provided for, to be made within
| thirty days after the annual statement of the
company has been received by him, and the ac-
| tual net cost of said publication by him he is
hereby authorized to collect from each company
whose statement is so published by him.
Sec. 2. And be it enacted, That this act shall
take effect from the date of its passage.
FETTER S. HOBLITZELL,
Speaker of the House of Delegates.
EDWARD LLOYD,
President of the Senate.
| Approved this 10th day of March. ISIS.
JOHN LEE CARROLL,
Governor OF Mary land.
We hereby certify that the aforegong is cor
rect copy OF an Act passed the Genera, As
scnbIy of Maryland, at the January Ses-
sion, 1873.