630 CORPORATIONS, [ART. 23

section 206 of this article, nor his annual statement to the governor, as
he is required by sub-section tenth of section 178 of this article, until
September 1, 1904.

1904, art. 23, sec. 186. 1888, art. 23, sec. 136. 1860, art 56, sec. 34. 1858, ch. 432,
sec. 7. 1872, ch. 388. 1874, ch. 400. 1876, ch. 248. 1878, ch. 106.

203. The capital stock of no insurance company, mutual insurance
companies excepted, incorporated by this State, or incorporated by the
laws of any other State or nation, and doing business in this State,
whether life, fire, marine or inland insurance, shall be less than one
hundred thousand dollars; and every insurance company authorized to
do business in this State must have and continually keep an amount
equal to its entire re-insurance reserve, and all other debts and claims
against it, exclusive of capital stock invested in the bonds, coin or treas-
ury notes of the United States, or bonds or stocks of this or any other
State of the United States, or of any county, incorporated city or other
corporation of this or any other State having legal authority to issue
the same, not only bearing but paying interest, or it may be invested in
real estate for their office or business purpose only; provided, however,
that they shall have the right to purchase and hold real estate under
a foreclosure of their own mortgages for a period of not more than
five years; and for five years longer, if in the judgment of the insur-
ance commissioner, it is advisable so to do; or it may be invested in
ground rents, or loaned upon mortgages of unincumbered real estate,
in this or any other State of the United States, worth at least double
the amount loaned thereon, exclusive of buildings, except where such
buildings are insured against fire, and the policies duly assigned as
additional security, when the value of the buildings so insured—to
an extent not exceeding the amount for which they are insured—shall
be taken into account as a part of the security for such loan, in deter-
mining whether the security is worth double the amount loaned thereon;
or it may be loaned on pledges of any security named in this section,
or on the policies of the company in force; provided, that each loan is
less than the net reserve of the policy on which the loan is made,
according to the standard of valuation prescribed in this article; and
provided, that the current market value of such pledged securities,
other than the bonds and stocks of this State, or of the United States.
shall be at all times during the continuance of such loans, at least ten
per cent, more than the sum loaned on them; and all such loans shall
be subject to the power of the company to terminate the same in case
of the depreciation of the securities below that limit; and provided,
that in all investments made upon mortgage securities, the evidence
of the debt shall accompany the mortgage or deed of trust; and the
insurance commissioner shall have the authority, when any of the
securities mentioned in this section and held by any insurance com-
pany reporting to him are of doubtful market value, or without any
ascertainable value in the exchange, to cause the same to be appraised by
two disinterested and competent persons, whose estimate of the value