1210 LAWS OF MARYLAND.

said charter shall be for the time therein stated, not exceeding
the longest unexpired time of the charter of one of the merging
or consolidating corporations. The agreement may provide
that one of the said consolidating corporations shall cease to
«xist and become merged into the other.

Every such agreement must have the approval of the Insur-

ance Commissioner of this State, and of the official head of the
Insurance Department of the State under which said foreign
corporation is organized. Upon filing such agreement with said

certificates of the secretaries, and the approval of the said In-
surance Commissioner, and of the official head of the Insur-
ance Department of said State or Territory, in the office of the
Insurance Commissioner of Maryland and in the office of the
said official head of the Insurance Department of such other
State or Territory, and a certified copy thereof in the office of
the Clerk of the County where the office of the said Maryland

corporation is located, and in the office of the Clerk of the
County where the office of said foreign corporatign is located,
the details of such agreement may be carried into effect as pro-
vided therein.

The corporation may require the return of the original cer-
tificates of stock held by each stockholder in each of the cor-
porations to be merged or consolidated, and issue in lieu thereof
new certificates for each number of shares of its own stock as
such stockholder may be entitled to receive.

Upon such merger or consolidation all the rights, franchises
and interest of the corporations so merging or consolidating in
and to every specie of property and thing in action belonging
to them, or either of them, shall be deemed to be transferred
to and vested in the new corporation, without any other deed or
transfer, and the new corporation shall hold and enjoy the same
to the same extent as if the old corporations, or either of them,
should have continued to retain their titles and transact
business.

The new corporation shall be authorized to receive from the

official head of the Insurance Department of said other State or
Territory any and all securities which under the laws of said
State or Territory may have been deposited with him by any
of said old corporations, provided said depository be authorized
by the law of gaid State or Territory to transfer the same to
said new corporation.