386 LAWS OF MARYLAND. [Ch. 194]

SEC. 1 1/2. And be it further enacted by the General Assem-
bly of Maryland, That section 98 of Article 23 of the Code
of Public General Laws of Maryland of 1904 be and the same
is hereby repealed and re-enacted with amendments so as to
read as follows:

SEC. 98. Every such corporation transacting as part of its
business the security or guarantee business shall, within six
months from the 2d of April, 1896, and from time to time
thereafter, if need be, transfer and assign to the said treasurer
registered public stock of the United States or of the State
of Maryland, or of Baltimore City, or the bonds of any county
or municipal corporation of this State, which shall oe approved
by said treasurer to the amount in value of one hundred thou-
sand dollars, and said amount shall be at all times maintained
by said corporation; which stock must be registered in the
name of said treasurer, officially, as held in trust under and
pursuant to this section, and the same shall be held by said
treasurer in trust as security for all the holders of policies or
guarantees of said corporation; provided, however, that no such
corporation incorporated under any law of any other State,
district or territory, the United States or any foreign country,
shall be required to make the deposit above set forth with the
Treasurer of this State if said corporation shall have made
with the Insurance Commissioner, Treasurer or other proper
officer of any State, district or territory in the United States,
a deposit in the amount as above set forth, of any securities as
shall have been approved by the proper officer where made,
for the benefit of all the holders of policies or guarantees of
said corporation, as above set forth, and a certificate thereof
under the hand and official seal of said proper officer shall
have been filed with said Treasurer; and all other corporations
mentioned in section 94, not transacting as part of their busi-
ness the security or guarantee business shall, within six months,
from the 2d of April, 1896, and from time to time thereafter,
if need be, transfer and assign to the said Treasurer, registered
public stock of the United States, or of the State of Mary-
land, or of Baltimore City, or the bonds of any county or
municipal corporation of this State which shall be approved
by said Treasurer to the amount in value of fifteen per centum
of the paid in capital stock of such corporation, and said
amount shall be at all times maintained by said corporation,
so that the amount of such stock in the hands of said Treas-
urer shall at all times be equivalent, at its par value, to fifteen
per centum of the paid up capital stock of such corporation,
but not less iu any case than thirty thousand dollars; provided,