The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1896-05-16
puclio General Laws.
CHAPTER $50.

CHAPTER 100.
AN ACT TO REPEAL SECTION s5E
OF THE CODE OF PUBLIC GEN
ERAL LAWS, ARTICLE %. TITLE
CORPORATIONS" SUB tt T L E
GENERAL REGULATIONS" AS
ENACTED BY THE ACT OF 1892.
CHAPTER 100, AND RE-ENACT THE
SAME WITH AMENDMENTS.
Section 1. Be it enacted by the General
Assembly of Maryland, That Section SSE
of the Code of Public General Laws,
Article %, Corporations" subtitle
General Regulations" be and the same
is hereby repealed and re-enacted so as to
read as follows:
S5E. Every such corporation trans
acting as part of its business the security
or guarantee business, shall, WITHIN SIX
months from the passage of this Act,
and from time to time thereafter, If need
be, transfer and assign to the said treas
urer registered public stock of the United
States or of the state of Maryland, or
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
urer officially as held in trust under and
pursuant to this Act, and the same shall
be held by said treasurer in trust as Sc
curity for all the holders of policies or
however, that no such corporation in
corporated under any law of any other
States or any foreign country, shall be
required to make the deposit above set
forth with the treasurer of this state;
if said corporation shall have made with
the insurance commissioner, treasurer
or other proper officer of any state, district
or territory in 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 certificate thereof under
the hand and official seal of said proper
officer shall have been filed with said
treasurer, and all other corporations
mentioned in Section SEA not transacting
guarantee business, shall, within six
months from the passage of this act
and from time to time thereafter. If need
be, transfer and assign TO the said treas
lIrer registered public stock of the
United States, or of the state of Mary
land, or of Baltimore city, or the bonds Of
this state which shall be approved by said
treasurer, 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
its par value to fifteen per centum of the
paid-up capital stock of such corpora
| ton, but not less in any case than thirty
thousand dollars, which stock must be
| registered in 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
security for the depositors with or con-
| ditions 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 to
the contrary, said treasurer shall pay
over to such corporation the interest which
may be received on the said securities,
| or he may authorize the said corporation
to collect and receive the same for It's
| 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
Approved April I'd. 1896
LLOYD LOWNDES, Governor.
WILLIAM CABELL BRUCE,
President of the Senate.
| SYDNEY E. MUDD,
| Speaker of the House of Delegates.
is correct copy of an Act of the General
Assembly Of Maryland, passed January
]. ROGER McsHERRY.
| Secretary of the Senate,
NJ. NJ. HIGGINS,
Chief Clerk of the House of Delegates