INSURANCE. 625

of the State in which such company is organized, or by the Treasurer of
the State of Maryland, or of some other State; of the United States, setting
forth that such company has deposited with him the sum of one hundred
thousand dollars of its capital or assets in bonds, coin or treasury notes of
the United States, or in bonds of the State of Maryland or of the State
in which such deposit is made, or in bonds secured by mortgage or deeds
of trust on unencumbered real estate worth at least double the amount
loaned thereon, and that he holds the same in trust and on deposit, under
and by the laws of the State in which he resides, for the benefit of all the
policyholders of such company in the United States, and that he is satis-
fied that the securities so deposited by such company and held by him are
worth at least one hundred thousand dollars ($100, 000).

Cited but not construed in First Nat. Bank v. Equitable Soc., 157 Md. 251.

An. Code, 1924, sec. 29. 1922, ch. 492, sec. 30. 1927, ch. 394, sec. 29.
29. Certificates of Authority to Domestic Company. No company
incorporated under the laws of this State shall, directly or indirectly, trans-
act any business of insurance until, first there shall have been filed with the
commissioner a duly certified copy of its charter; secondly, it shall have
made the deposit of cash or securities required by this Article, according to
the class of business to be transacted, and a certificate of said deposit from
the Treasurer of this State filed with the commissioner, unless said deposit
shall be made with the Commissioner under the provisions of Section 20;
thirdly, the officers or incorporators of such corporation shall have filed a
certified statement under oath showing whether or not the capital re-
quired by the company and authorized by its charter according to the na-
ture of the business proposed to be transacted by it, has been paid in cash
and is held by the board of directors subject to their actual control in ac-
cordance with the provisions of the charter of the said corporation, or has
been invested by them in securities authorized by this Article; fourthly,
the officers or incorporators shall have certified under oath that the capital
exhibited to the Commissioner is bona fide property of the corporation;
fifthly, the statement and condition of said corporation shall have been ex-
amined by an examiner or examiners appointed by the Commissioner and
a report of the examination filed with the aforesaid papers, the cost of
such examination to be paid by the company examined; and sixthly, there
shall have been granted by the Commissioner a license or certificate of
authority to said corporation.

An. Code, 1924, sec. 33. 1922, ch. 492, sec. 33. 1927, ch. 394, sec. 33.
33. Conditions Precedent to Beginning Business, No person shall act
as agent or solicitor in this State for any insurance company in any man-
ner whatever relating to insurance risks, until all the provisions of this
article relating thereto have been complied with, and there has been
granted by the insurance commissioner a certificate of authority or license
to said company. All such licenses shall be issued annually on the first
day July for the period of one year, upon the payment of the license fee