ART. 23] CAPITAL——DEPOSIT. 607

individuals against accident, and to grant, purchase or dispose of annui-
ties, unless it be otherwise provided in its charter or by-laws.

As to life and accident Insurance companies, see also, sections 118 and 119.

1904, art. 23, sec. 149. 1888, art. 23, sec. 116. 1868, ch. 471, sec. 100. 1900, ch. 660.

157. Every life or health insurance company incorporated under this
article, except organizations formed under the provisions of section 193
of this article, shall have a guaranteed 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 Balti-
more, 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 policies of insurance issued by said company; and
the said company, from time to time, as it shall deem proper, may sell
and dispose of the said securities, and exchange and re-deposit with the
state treasurer, under such rules and regulations for said exchange and
deposit as he shall direct, the said company confining the said business
of sale, disposition and exchange of said securities to either or all of
said securities above named in this section; and the interest and profits
accruing and made on said securities, and the sale or exchange thereof,
shall be collected by and paid to said company.

A deposit with the state treasurer—whether under the rules of this sec-
tion or voluntarily, it was not material to consider—held to create a trust
fund in accordance with a certificate issued by the treasurer to the com-
pany. Casualty Co.'s Case, 82 Md. 560.

This section referred to in construing sections 173 and 229—see notes
thereto. International Fraternal Alliance v. State, 86 Md. 558.
See sec. 118.

Ibid. sec. 150. 1888, art. 23, sec. 117. 1868, ch. 471, sec. 101.

158. Any married woman, by herself and in her name, or in the
name of any other person, with his assent, as her trustee, may insure
in any life insurance company formed under the provisions of this
article, for her sole use, the life of her husband for any definite period
or for the term of his natural life; and in case she shall survive her
husband, the sum or net amount of the insurance becoming due and
payable by the terms of the insurance shall be payable to her and for
her own use, free from the claims of the representatives of the husband
or of any of his creditors; and in case of the death of the wife before
the decease of the husband, the amount of the insurance may be made
payable, after death, to her children for their use, and to their guardian
if under age.

See art. 45, sec. 8, et seq., and notes.

Ibid. sec. 151. 1888, art. 23. sec. 118. 1868, ch. 471, sec. 102.

159. It shall not be lawful for any insurance company incorporated
under the laws of any other State of the United States, or by any
foreign government, directly or indirectly, to take risks or transact any
business of insurance in this State, unless possessed of the amount of
actual capital required bf similar companies formed under the pro-