586 CORPORATIONS. [ART. 23

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-up 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 treasurer 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
in any case than thirty thousand dollars; which stocks must be registered
in the name of the said treasurer, officially, as held in trust under and
pursuant to this section, and the same shall be held by the said treasurer
in trust as security for the depositors with, or creditors of said corpora-
tion; and all of the said stocks so held in trust by the said treasurer
and deposited by any of the corporations above named, either trans-
acting the security or any other class of business, shall be held by said
treasurer subject to sale and transfer, and to the application of the
proceeds of such sale by the said treasurer only on the order of any
court of competent -jurisdiction, and until the order of such court
authorizing such sale or transfer, or otherwise to the contrary, said
treasurer shall pay over to such corporation the interest which may be
received on the said securities, or he may authorize the said corporation,
to collect and receive the same for its own benefit. Should any such
corporation at any time have deposited with said treasurer more than
the amount hereby required, such excess may be refunded.

This section referred to in construing section 116—see notes thereto.
Coulbourn v. Boulton, 100 Md. 354.

Cited but not construed in State v. German Savings Bank, 103 Md. 203.

1904, art. 23, sec. 99. 1892, ch. 109, sec. 85 F. 1906, ch. 118. 1908, ch. 385.
111. In case any corporation, now or hereafter doing business in
this State, shall refuse or neglect to make the deposit with the state
treasurer, as hereinbefore provided for in this article, the said treasurer
shall .immediately cause to be published on three consecutive days in
two daily newspapers, one published in Baltimore city, and one pub-
lished in the city or county wherein said corporation has or should have-
its principal office, a notice informing the public that such corporation
has not complied with the law, and is therefore conducting business
without legal authority so to do. And the cost of publishing such notices
shall be paid by the corporation named in the notice. The treasurer
shall also promptly report the facts in any such case to the attorney
general, who shall thereupon institute proceedings to enjoin and restrain
such corporation if it be organized under the laws of this State from
transacting any business, and if it be organized under the laws of any
other State or of a foreign country from transacting business in this
State, and the court before which such proceedings shall be begun
shall be authorized to pass such order or decree and to issue such process
in the premises to enforce the compliance of such corporation with the