870 LAWS OF. MARYLAND. [CH. 401

CHAPTER 401.

AN ACT to repeal and re-enact with amendments Sections
379, 380 and 381 of Article 23 of the Annotated Code of
Public Civil Laws of Maryland (Legalized by Chapter 21
of the Acts of the General Assembly of Maryland of 1912),
title "Corporations," sub-title "Trust, Surety and Fidelity
Companies," relating to the excution, validity and effect of
fidelity and surety bonds, and to certain requirements as to
capital, surplus, reserves and deposits of companies issuing
said classes of bonds, and the filing of certain papers and
statements of such companies, and further relating to the
powers, qualifications and authority of such companies to
become surety or guarantor on such bonds, and repealing all
acts inconsistent therewith.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Sections 379, 380 and 381 of Article 23 of the An-
notated Code of Public Civil Laws of Maryland (legalized by
Chapter 21 of the. Acts of the General Assembly of Maryland
of 1912), title "Corporations," sub-title "Trust, Surety and
Fidelity Companies," be and the same are hereby repealed and
re-enacted with amendments, so as to read as follows:

379. Such company or companies to be so qualified as to act
as such surety or guarantor must comply with the requirements
of every law of this State applicable to such company or com-
panies doing business therein, must be authorized under the
laws of the State where incorporated and under its charter to
become surety upon such bond, undertaking obligation, recog-
nizance or guaranty; must have a fully paid up and safely in-
vested and unimpaired capital of at least two hundred and fifty
thousand dollars ($250,000) ; must have good, available assets
of at least one hundred and twenty-five thousand dollars
($125,000) in excess of liabilities, which liabilities, for the
purpose of this and the preceding section, shall, in addition
to the capital stock, be taken to be all outstanding indebt-
ness of the corporation and the premium reserve on
policies in force, equal to the unearned portions of the gross
premiums charged for covering the risks, computed on each re-
spective risk from the date of the issuance of the policy; or, in
the discretion of the Insurance Commissioner, at the rate of
fifty per centum of the current annual premiums on each out-
standing bond, undertaking, recognizance and obligation of like
character in force; must file with the State Insurance