The Prince George's enquirer and southern Maryland advertiser. (Upper Marlborough, Md.) 1882-1925, 1896-05-15
Puclic General Laws.
CHAPTER 100.

CHAPTER 100.
AN ACT TO REPEAL SECTION SEE
OF THE CODE OF PUBLIC GEN
ERAL LAWS, ARTICLE %, TITLE
CORPORATIONS" SUB It'll E
GENERAL REGULATIONS" AS
ENACTED BY THE ACT OF 1892,
CHAPTER 100, AND RE-ENACT THE
SAME WITH AMENDMENTS.
Section 1. Ee it enacted by the General
Assembly of Maryland. That Section S5E
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is hereby repealed and re-enacted so as to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
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
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 in the name of said treas
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
guarantees of said corporation, provided,
however, that no such corporation in
corporated under any law of any other
state state. district or territory. the United
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
or other proper officer of any state, district
or territory in the United States deposit
in the amount as above set forth of any
by the proper officer where made for the
guarantees of said corporation. as above
the hand and official seal of said proper
officer shall have been filed with said
treasurer, and all other corporations
as part Of its business SIS the he 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
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
hfteen per centum Of the paid-up capital
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
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
sefurty for .5 the depostors With or
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
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 its
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.
We hereby certify that the aforegoing
Is correct copv of an Act of the General
Assembly of Maryland, passed January
Session, 1895.
J. ROGER McSHERRY,
Secretary Of the Senate.
NJ NJ. HIGGINS,
Chief Clerk Of the House Of Delegates.