936

LAWS OF MARYLAND.

merchandise, bullion, specie, plate, stock, bonds,
promissory notes, certificates and evidences of debt,
contracts or other property, and to take the man-
agement, custody and charge of real or personal
estate or property, and to advance money, securi-
ties and credits upon any property, real, personal
or mixed, on such terms and with all such powers
of sale and other disposition thereof as shall be
established by the charter or by-laws of such
corporation ; provided, that the corporate title of

Proviso.

any company having among its other purposes
those enumerated in this Section, shall designate
the same as a "security," as well as an insurance
company.

Mutual or
stock.

Sec. 98. And be it enacted, That corporations
formed under the provisions of this Article, for
insurance purposes, may be formed either as mu-
tual or stock companies, or as mutual and stock
companies combined, as shall be determined and
declared in the certificate of incorporation of said
company.

Life insurance
or accident.

Sec. 99. And be it enacted, That every corpora-
tion formed under the provisions of this Article
for the purposes of life insurance, is hereby au-
thorized also to insure individuals against acci-
dent, and to grant, purchase or dispose of annu-
ities, unless it be otherwise provided in its charter
or by-laws.

Guarantee
capital.

Sec. 100. And be it enacted, That every life in-
surance company incprporated under this Article,
shall have a guarantee capital of not less than one
hundred thousand dollars, which shall be invested
either in securities of the United States, of the
State of Maryland or of the City of Baltimore, and
the same shall before said company shall commence
issuing policies, be deposited in the Treasury of
this State as a guarantee for the payment of the

Sell or ex-
change,

policies of insurance issued by said company ; and
the said company from time to time, as they shall
deem proper, may sell and dispose of the said se-
curities, and exchange and redeposit the same with
the said Treasurer, under such rules aad regula-
tions for said exchange, and redeposit as the said
Treasurer shall direct, the said company confining
the said business of sale, disposition and exchange
of said securities, to either or all of said securities