306

LAWS OF MARYLAND.

SEC. 12. And be it further enacted, That this Act shall take
effect from, the date of its passage.

Approved April 5, 1900.

CHAPTER 212.

AN ACT to add an additional section to Article 23 of the Code
of Public General Laws, title "Corporations," sub-title "Gen-
eral Regulations," to follow immediately after Section 85L,
and to be designated as Section 85M, to permit life and
accident insurance companies, and safe deposit, trust, guar-
anty, loan and fidelity companies, now or hereafter doing
business in this State, to deposit with the Treasurer of this
State, as the security required by law, first mortgage bonds
of electric railway companies operating within this State,
when said bonds have been respectively approved by the
Board of Public Works.

Corporations
Additional
section.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That an additional section be added to Article 23 of the
Code of Public General Laws, title "Corporations," sub-title
"General Regulations," to follow immediately after Section
85L, and be designated as Section 85M, and to read as follows:

May deposit,
as security,
with the
Treasurer of
Md., certain
first mortgage
bonds.

85M. Every life insurance company and accident insurance
company incorporated under the laws of this State, and every
safe deposit, trust, guaranty, loan and fidelity company or
association incorporated under any law of this or any other
.State, district or territory of the United States, or any foreign
country, receiving money on deposit or assuming any obliga-
tion in this State, may, as the security on deposit now or
hereafter required by law to be deposited with the Treas-
ury of Maryland, by laws and especially by Sections 85E
and 116 of Article 23 of the Code of Public General Laws,
title "Corporations," transfer and assign to said treasurer
such first mortgage bonds of electric railways of this
State as may be approved by the Board of Public Works, in
lieu of the kinds of securities now required by law to be
deposited with said treasurer; if at any time the Board of
Public Works shall find that bonds approved by them have
either fallen in value or have ceased to be proper security to
be held by said treasurer, then the said Board shall direct
any company having any of said bonds on deposit with him
as security, as aforesaid, to either deposit an additional num-