INSURANCE. 1817

pository may be authorized by the law of said state or territory to transfer
the same to said new corporation.

The new corporation shall succeed to all the obligations and liabilities
of the old corporation, or any of them, and shall be held liable to pay and
discharge all such debts and liabilities in the same manner as if they had
been incurred or contracted by it. The stockholders of the old corporations
shall continue subject to all the liabilities, claims and demands existing
against them, or either of them, at or before said merger or consolidation.
No action or proceeding pending at the time of consolidation in which
any or all of the said old corporations may be a party shall abate or dis-
continue by reason of the merger or consolidation, but the same may be
prosecuted to final judgement in the same manner as if the merger or con-
solidation had not taken place, or the new corporation may be substituted
in place of any corporation so merged or consolidated by order of the
court in which the action or proceeding may be pending.

As to the consolidation of corporations in general, see art. 23, secs. 33, et seq.,
and 115. As to the consolidation of railroad companies, see art. 23, secs. 218 and 235.

1922, ch. 492, sec. 49.

49. Property of Foreign Companies in Maryland. Any foreign in-
surance company may acquire by purchase or in any other manner, and
take, receive, hold, use, employ, manage, dispose of, or deal with, any prop-
erty, real, personal or mixed, and situated in the State of Maryland, which
may be necessary or proper to enable it to erect buildings for office or
business purposes, or to foreclose any mortgages that may be due it for
loans made; provided, that all transactions, as herein permitted, shall be
in accordance with the laws now in force regulating such transactions on
the part of insurance companie.s incorporated under the laws of this state.

1922, ch. 492, sec. 50.

50. Examination of Companies. Once at least during his term of office
the commissioner shall cause the affairs of every insurance company organ-
ized under the laws of this state to be thoroughly inspected and examined
with special regard to its financial condition and its ability to fulfill its
obligations, and shall ascertain and determine whether or not it has com-
plied with the laws of this state; he shall also cause an examination of every
such company to be made whenever he deems it prudent to do so, or upon
the request of five or more of the stockholders, creditors, policyholders, or
persons pecuniarily interested therein, who shall make affidavit of their
belief, with specifications of reasons thereof, showing a prima facie case that
such company is in an unsound condition. Whenever the insurance com-
missioner may have reason to doubt the solvency or the correctness of the
statement of any foreign company which may have been licensed to do
business in this state, or which may be applying for said license, he shall
communicate such doubts, and the reasons therefor, to the insurance com-
missioner, or other officer charged with the supervision of insurance cor-
porations of the state in which said company is located, and if he is not
satisfied from the information obtained from such insurance commissioner