Maryland independent. [volume] (Port Tobacco, Md.) 1874-current, 1896-05-15
PucIio General Laws.



AN ACT TO REPEAL SECTION s5E
OF THE CODE OF PUBLIC GEN
ERAL LAWS. ARTICLE Is TITLE
CORPORATIONS SUB TITLE
GENERAL REGULATIONS" As
ENACTED BY THE ACT OF 1889,
CHAPTER 100. AND RE-ENAcr THE
SAME WITH AMENDMENTS.
Section /. BE It enacted by the General
Assembly Of Maryland. That Section sac
Of the Code Of Public General Laws.
Article %, Corporations" subtitle
General Regulations" be and the same
Is hereby repealed and re-enscted SO as 70
read as follows:
S5E. Every such corporation trans
acting as part Of It's business the security
or guarantee business, shall, within six
months from the passage OF this Act,
and from time to time thereafter, u need
be, transfer and assign 10 the said treas
urer registered public stock OF the United
OF Baltimore city or the bonds Of any
county or municipal corporation Of this
state which shall be approved by said
treasurer to the amount In value Of one
hundred thousand dollars and said
amount shall be at all times maintained
by said corporation, which stock must
be registered Ia the name OF said treas
urer officially as held ia trust under and
pursuan, 10 this Act, and the same shall
be held by said treasurer in trust as Sc
eurlty Tor all the holders OF policies or
guarantees OF said corporation, provided,
however, that no such corporation IN
corporated under any law Of any other
state, district or territory, the United
states or any foreign country, shall be
required 10 make the deposit above set
lQrth with the treasurer Of this state'
II said corporation shall have made with
the insurance commissioner, treasurer
or other proper officer OF any state, district
or territory 10 the United States a deposit
in the amount as above set forth Of any
securities as shall have been approved
BY the proper officer. where made for the
benefit OF all the holders OF policies or
guarantees Of said corporation, as above
set forth, and a certificate thereof under
the hand and Official seal OF said proper
officer shall have been filed with said
mentioned In Section s5A not transacting
as part OF its business the security or
guarantee business, shall, within six
and from time TO time thereafter, II need
be, transfer and assign to the said treas
ttrer registered public stock Of the
United states, OF Of the state Of Mary
land. or Of Baltimore city, or the bonds Of
any county or municipal corporation OF
this state which shall be approved by said
freasurcr. TO the amount IN value Of
fifteen per centum OF the paid-up capital
stock Of such corporation and said
amount shall be at all times maintained
by said corporation so that the amount
of such stock in the hands OF said treas
urer shall at all times be equivalent at
It's par value to fifteen per centum Of the
pald-up capital stock Of such corpora
ton, but not less in any case than thirty
thousand dollars, which stock must be
registered N the name Of the said treas
urer officially as held in trust under and
pursuant to this Act, and the same shall
be held by the said treasurer IN trust as
s599elnrlty tor me aepositors with or CON
ditons OF said corporation and all Of the
said stocks so held in trust by the said
treasurer and deposited by any OF the
corporations above named. either trans
business, shall be held by said treasurer
subject TO sale and transfer, and to the
application Of the proceeds OF such sale
by the said treasurer only on the order OF
any. court OF competent Jurisdiction, and
until the order Of such court authorizing
such sale or transfer. or otherwise 10
the contrary. said treasurer shall pay
over 10 such corporation the interest which
may be received on the said securities,
or he may authorize the said corpora ton
to collect and receive the same for its
own benefit; should any such corpora
ton at any time have deposited with
said treasurer more than The amount
hereby required, such excess may be
refunded
Approved April I'd, 1896.
LLOYD LOWNpFS, Governor.
WILLIAM CABELL BRUCE,
President Of the Senate
SYDNEY r. MTnD.
Speaker Of the House Of Delegates.
We hereby certify that the aforegoing
IS correct copy OF an Act Of the General
Assembly Of Maryland, passed January
Session, 1895
J, ROGER McsHERRY.
Secretary OF the Senate
NJ. ". HIGGINS.
Chief Clerk Of the House OF Delegates