EDWIN WARFIELD, ESQ., GOVERNOR.

43i

General Laws, title "Corporations," sub-title "General Regu-

lations," be and the same is hereby repealed and re-enacted with

Section re-
pealed and

amendment so as to read as follows, and an additional section

re-enacted.

to be known as Section 85N, shall be added to said Article 23,

to follow Section 85M, to read as follows:

85 M. Every life insurance company and accident insurance

company incorporated under the laws of this State, and every

May transfer
to State first

safe deposit, trust, guaranty, loan and fidelity company or as-

mortgage

sociation incorporated under any law of this or any other

bonds as se-
curity.

State, district or territory of the United States or any for-

eign country receiving money on deposit or assuming any

obligation in this State, may, as the security on deposit now

or hereafter required by law to be deposited with the Treasurer

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; or said companies may in lieu of said securi-

ties transfer and assign to said Treasurer bonds secured by a

first mortgage on real estate situated in the State of Mary-

land and owned by the company required by law to make such

deposit whenever such bonds may be approved as security

by the Board of Public Works. If at any time the Board

of Public Works shall find that the bonds approved by them

have either fallen in value or have ceased to be proper se-

curity 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

number of bonds with said Treasurer or to withdraw the

said bonds entirely and substitute bonds of a different kind

in their place ; if .the said company or companies owning said

bonds shall fail, within ten days from the receipt of a notice

from the Treasurer to that effect, to alter, increase the num-

Companies
failing to de-

ber of said bonds on deposit or substitute bonds of a different

port.

kind in their place, as the Board of Public Works may order,

then the said company or companies shall be treated as being

in default and shall be subject to all the penalties imposed on

said companies for doing business in this State without de-

positing the proper securities with the said Treasurer as now

or hereafter provided by law.

85N. It shall be lawful for the stockholders of any life

Rights of

insurance, accident insurance, safe deposit, trust or fidelity

stockholders.