ART. 23] TRUST AND SURETY COMPANIES. 699

when so executed by such company as conforming to and fully and
completely complying with every such requirement of every such law,
charter, ordinance, rule or regulation.

As to the service of process upon surety companies, see sections 87 and
92. As. to guaranty and fidelity companies, see also sec. 106, et seq.
As to licenses to surety companies, see section 187, et seq.
As to trust companies, see art 11. As to sureties, see art. 90.
As to process against surety companies, in addition to art. 23, sections 87
and 92, see art. 75, sec. 23.

1904, art. 23, sec. 340. 1898, ch. 302, sec. 244B.

379. Such company or companies to be so qualified as to act as
Mich surety or guarantor must comply with the requirements of every
law of this State applicable to such company or companies doing busi-
ness therein must be authorized under the laws of the State where
incorporated and under its charter to become surety upon such bond,
undertaking, obligation, recognizance or guaranty; must have a fully
paid up and safely invested and unimpaired capital of at least $250,000 ;
must have good available assets exceeding liabilities, which liabilities
for the purpose of this and the preceding section shall be taken to be
its outstanding debts and a premium reserve at the rate of fifty per
centum of the current annual premiums on each outstanding bond,
undertaking, recognizance, and obligation of like character in force ;
must file with the state tax commissioner a certified copy of its certifi-
cate of incorporation a written application to be authorized to do busi-
ness under the preceding section, and also with such application and
in each year thereafter, a statement verified under oath made up to
December 31st preceding, stating the amount of its paid-up cash
capital, particularizing each item of investment, the amount of pre-
miums upon existing bonds, undertakings, recognizances and obligations
of like character in force upon which it is surety, the amount of liability
for unearned portion thereof estimated at the rate of fifty per centum
of the current annual premiums on each such bond, undertaking, recog-
nizances and obligations in force, stating also the amount of its outstand-
ing obligations of all kinds, and such further facts as may be by the
laws of this State required of such company in transacting business
therein; and if such company be organized under the laws of any
other State than this State, it must have on deposit with a State officer
of one of the States of the United States, not less than $100,000 in
good securities, deposited with and held by such officer for the benefit
of the holders of its obligations; must also appoint an attorney in this
State upon whom process of law can be served, which appointment
shall continue until revoked, or another attorney substituted, and must
file with the state tax commissioner evidence of such appointment,
which shall state the residence and office of such attorney.

Cited bat not construed in Munich Co. v. United Surety Co., 113 Md. 222.

Ibid. sec. 341. 1898, ch. 302, sec. 244 c.

380. The state tax commissioner upon due proof by any such com-
pany of its possessing the qualification in section 379 specified shall