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Session Laws, 1922
Volume 563, Page 1158   View pdf image (33K)
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1158 LAWS OF MARYLAND. [Cil. 402

or in any manner whatever prevent a thorough examination,
the said insurance commissioner shall proceed against said
company in'the manner provided in section 51.

SEC. 51. Liquidation of Insolvent or Illegally Conducted
Companies. "Whenever the insurance commissioner shall have
reason to believe that any insurance company is insolvent, or
fraudulently conducted, or that its assets are not sufficient
for carrying on the business of the same, or during any non-
compliance with the provisions of this article, it shall be his
duty to make complaint thereof to the judge of either of the
circuit courts of Baltimore city, or any judge of the circuit
court for the county where the company or agent may be lo-
cated, as the case may be; which judge shall, upon the requisi-
tion of the commissioner, appoint a commission, consisting of
the insurance commissioner and two disinterested and compe-
tent persons, whose duty it shall be to examine every detail
of the business and condition of said company and report, in
writing, the result of such examination to the judge appoint-
ing them, who shall, if in his judgment the charges of insol-
vency, fraud, neglect or abuse, as charged by the insurance
commissioner, are sustained by the said report, at once issue
an injunction suspending the business of said company. The
commissioner shall institute, or cause to be instituted, the neces-
sary proceedings under the laws of this state, to close the
affairs of any insurance company of this state which shall ap-
pear to him, upon examination, to be insolvent or to be fraudu-
lently conducted.

SEC. 52. Proceedings to Vacate Cnarter. Whenever the
attorney general of the state or the state's attorney for the
city of Baltimore or for any county of the state shall be re-
quired by the insurance commissioner to institute proceedings
against any insurance company incorporated under the laws
of this state, to ascertain whether such corporation has been
guilty of such misuse, abuse or nonuser of its corporate powers
and franchises, as by law would authorize and make proper
the forfeiture of its charter, corporate powers and franchises,
the said attorney general or state's attorney, as the case may be,
shall file with the superior court of Baltimore city, or the
circuit court for the county, as the case may be, a petition
in the name of the state, setting forth fully in detail the alleged
abuse, misuse or nonuser, by reason whereof the forfeiture
is sought; and upon the filing of such petition, the court in
which it is filed, or any judge thereof, shall lay a rule requir-

 

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Session Laws, 1922
Volume 563, Page 1158   View pdf image (33K)
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