282 LAWS OF MARYLAND.
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such deposits may agree with the said company
that there shall be deposited with the Treasurer
of this State or with some other person as trustee,
bonds of the United States, or of one of the said
States, or such other securities as may be agreed
on for a sum equal to the deposit so made, which
deposit the Treasurer is hereby authorized to
receive and hold as collateral security for the re-
payment of the deposit aforesaid, and the com-
pany may issue a certificate stating the amount of
the deposit, the interest to accrue thereon, the
time when and the terms and conditions on which
payment is to be made, which certificate shall be
countersigned by a competent person appointed by
the Treasurer, with the assent of the company, or
in case of any other person acting as Trustee, then
by such person, who shall witness that payment
of such deposit has been secured by a pledge of
securities held in trust for that purpose, and the
said certificates may be made payable to order or
to bearer, and should any certificate not be paid
upon demand after the same becomes due and pay-
able, the holder thereof may cause protest to be
made, and thirty days' notice having been given
to the said company, if the requisite funds be not
otherwise provided, it shall be the duty of the
Treasurer or Trustee to sell so many of the bonds
or other securities held by him in trust, as may
be necessary therefor, and with the proceeds of
such sales to pay off and discharge the said pro- |
Compensa-
tion of Trea-
surer or Trus-
tee. |
tested certificates; and the Treasurer or Trustee
may receive the interest and dividends falling due
on the bonds and securities deposited with him,
which, after deducting a reasonable compensation
for his services, not exceeding five hundred dol-
lars, shall be paid over to said company, who shall
pay the person countersigning their certificates a
reasonable compensation therefor, and the Treas-
urer of this State may receive and hold in trust
the bonds and mortgages, or deeds of trust and
other securities, pledged as the reserve fund of
the said Maryland Industrial Agency, and of the
several local agencies hereinafter authorized to be
established. |
Principal and
laical Agencies
—where to bo
located. |
Sec. 4. And be it enacted. That the principal
agency shall be in the city of Baltimore, in this
State, and the Directors of that agency may from |
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