ALBERT C. RITCHIE, GOVERNOR. 1155

Upon such merger or consolidation all the rights, franchises
and interest of the corporations so merging or consolidating in
and to every kind 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 may be author-
ized by the law of said state or territory to transfer the same
to said new corporation.

The new corporation shall succeed to all the obligations and
liabilities of the old corporation, or any of them, and shall be
held liable to pay and discharge all such debts and liabilities in
the same manner as if they had been incurred or contracted by
it. The stockholders of the old corporations shall continue sub-
ject to all the liabilities, claims and demands existing against
them, or either of them, at or before said merger or consolida-
tion. No action or proceeding pending at the time of consoli-
dation in which any or all of the said old corporations may be
a party shall abate or discontinue by reason of the merger or
consolidation, but the same may be prosecuted to final judge-
ment in the same manner as if the merger or consolidation had
not taken place, or the new corporation may be substituted in
place of any corporation so merged or consolidated by order of
the court in which the action or proceeding may be pending.

SEC. 49. Property of Foreign Companies in Maryland. Any
foreign insurance company may acquire by purchase or in any
other manner, and take, receive, hold, use, employ, manage,
dispose of, or deal with, any property, real, personal or mixed,
and situated in the State of Maryland, which may be neccessary
or proper to enable it to erect buildings for office or business
purposes, or to foreclose any mortgages that may be due it for
loans made; provided, that all transactions, as herein permit-
ted, shall be in accordance with the laws now in force regulating
such transactions on the part of insurance companies incor-
porated under the laws of this state.