394

LAWS OF MARYLAND.

interest-bearing securities readily convertible into money, as
the said commissioners may determine, and the said securities
shall be sold, and the proceeds thereof applied to the redemp-
tion of the said bonds, when and as soon as the same are
reasonable, at the pleasure of the said commissioners.

To keep
account

SEC. 92 D. The said commissioners of Crisfield shall cause a
separate and distinct account to be kept of the number and
the amount of the bonds issued; the name of the person by
whom the same may be taken or held; the amount received
each year from the sinking fund tax so authorized to be levied,
and of the disposition thereof; and when and as soon as one
or more of the said bonds is or are purchased or redeemed,
the same shall be cancelled and destroyed; a memorandum of
such cancellation and destruction describing such bond or
bonds shall be entered on said account.

Approved April 6th, 1894.

CHAPTER 290.

AN ACT to repeal Section 126 of Article 23 of the Public
General Laws of Maryland, title "Corporations," sub-title
"Insurance Department," and to re-enact the same with
amendments.

SECTION 1. Be it enacted by the General Assembly of

Repeal.

Maryland, That section 126 of article 23 of the Public Gen-
eral Laws of Maryland, title "Corporations," sub-title "Insur-
ance Department," be and the same is hereby repealed and
re-enacted, so as to read as follows :

SEC. 126. No person shall act as agent or solicitor in this

Incense to
solicit
insurance.

State for any insurance company, including individuals, whether
resident or non-residents, partnership or joint stock association,
except for such companies as may be chartered under the laws
of this State, in any manner 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,
for which said company, individual, resident or non-resident,
or association, or their agent, shall pay into the State treasury
the sum of three hundred dollars, and shall also pay into the