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160 CORPORATIONS. [ART. XXIII
taken the proceedings authorized therein for the determination of the
value of their shares.
Fourth—In connection with and to consummate any purchase author-
ized by the terms of this section, the purchasing company may issue its
own capital stock or bonds, either or both, to such amount as may be
required by the agreement or as may be otherwise necessary in order
to provide the price or consideration to be paid by the purchasing com-
pany or to pay off or retire the bonds or capital stock of the selling com-
pany, or to effect exchanges of the bonds and stock of the selling com-
pany for those of the purchasing company.
See notes to sections 413 and 438.
306.
See notes to sections 413 and 438.
Religious Corporations.
340.
See notes to this section in volume 1 of the Annotated Code.
Telegraph and Telephone Companies.
359.
This section does not entitle a corporation to make special use of the
state's property without compensation; state held entitled to receive com-
pensation from a telegraph company for its special use of the Conowingo
bridge. See notes to article 91, section 48. Postal Tel Co. v. State Rds.
Comm., 127 Md. 246.
Trust, Surety and Fidelity Companies.
1904, art. 23, sec. 340. 1898, ch. 392, sec. 244B. 1918, ch. 401, sec. 379.
379. Such company or companies to be so qualified as to act as such
surety or guarantor must comply with the requirements of every law
of this State applicable to such company or companies doing business
therein, must be authorized under the laws of the State where incor-
porated and under its charter to become surety upon such bond, under-
taking obligation, recognizance or guaranty; must have a fully paid
up and safely invested and unimpaired capital of at least two hundred
and fifty thousand dollars ($250,000) ; must have good, available assets
of at least one hundred and twenty-five thousand dollars ($125,-
000) in excess of liabilities, which liabilities, for the purpose of this
and the preceding section, shall, in addition to the capital stock, be
taken to be all outstanding indebtedness of the corporation and the pre-
mium reserve on policies in force, equal to the unearned portions of the
gross premiums charged for covering the risks, computed on each respec-
tive risk from the date of the issuance of the policy; or, in the discretion
of the Insurance Commissioner, at the rate of fifty per centum of the
current annual premiums on each outstanding bond, undertaking,
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