142

LAWS OF MARYLAND.

State, and so certified by him and delivered to the

Insurance Commissioner ; and before any such com-

pany shall begin to do any business, the Insurance

Commissioner shall examine the officers of said com-

Shall exam-
ine officers

pany under oath, to ascertain whether the capital

under oath

required of the company named in the charter, ac-

cording to the nature of the business proposed to be

transacted by such company, to an amount of not less

$100,000 has

than one hundred thousand dollars, has been paid

been paid.

in money, and is held by the Board of Directors sub-

ject to their actual control, according to the provi-

sions of the charter of said company, or has been by

them invested in securities negotiable and worth in

the market not less than the sum of one hundred

thousand dollars ; or if a mutual company, that it

has received and is in actual possession of the prom-

Bona fide

ises or bona fide engagements of insurance or other

engagements.

securities, as the case may be, to the full extent and

of the value required by law; and the name and

residence of the maker of each premium note forming

part of the capital or assets, and the amount of such .

note, shall be reported to the Insurance Commissioner ;

Officers shall

and the officers or corporators of such company shall

certify under

be required to certify under oath that the capital ex-

oath

hibited to the Insurance Commissioner is bona fide

property of the company, which certificate shall be

filed in the office of the Insurance Commissioner;

Officer swear-

and any officer swearing falsely in regard to the pro-

ing lalsely.

visions of this section, shall be deemed guilty of per-

jury, and shall be subject to the penalty or penalties

prescribed for such offences by the laws of this State.

Not be lawful.

30. It shall not be lawful for any insurance com-

pany, association, partnership or corporation, organ-
ized under the laws of any other State of the United

States, or by the Government of the United States,

or any foreign government, directly or indirectly, to

take risks or transact any business of insurance,

whether life, fire, marine or inland or other insur-

Fully organ-

ance risks in this State, unless it be fully organized

ized.

and possessed of the amount of actual capital re-

quired of similar companies formed under the laws

Conditions.

of this State, or until the following conditions have

been fully complied with : There must be filed with

the Insurance Commissioner, first, a copy of its char-

ter, declaration of organization or deed of settlement,

duly approved and certified by the Secretary of State,