CORPORATIONS. 719

An. Code, sec. 118. 1904, see. 106. 1900, ch. 212, sec. 85M. 1904, ch. 251.

149. Every life insurance company and accident insurance company
incorporated under the laws of this State, and every safe deposit, trust,
guaranty, loan and fidelity company or association, incorporated under
any law of this or any other State, district or territory of the United
States or any foreign country receiving money on deposit or assuming any
obligation in this State, may, as the security on deposit now or hereafter
required by law to be deposited with the treasurer of Maryland by laws,
and especially by sections 141 of this article and 157 of article 23 of the
Annotated Code of 1912,1 transfer and assign to said treasurer such first
mortgage bonds of electric railways of this State as may be approved by the
board of public works, in lieu of the kinds of securities now required by
law to be deposited with said treasurer; or said companies may in lieu of
said securities transfer and assign to said treasurer bonds secured by a first
mortgage on real estate situated in the State of Maryland and owned by
the company required by law to make such deposit whenever such bonds
may be approved as security by the board of public works. If at any time
the board of public works shall find that the bonds approved by them have
either fallen in value or have ceased to be proper security to be held by said
treasurer, then the said board shall direct any company having any of said
bonds on deposit with him as security as aforesaid, to either deposit an
additional number of bonds with said treasurer or to withdraw the said
bonds entirely and substitute bonds of a different kind in their place; if
the said company or companies owning said bonds shall fail, within ten
days from the receipt of a notice from the treasurer to that effect, to alter,
increase the number of said bonds on deposit or substitute bonds of a differ-
ent kind in their place, as the board of public works may order, then the
said company or companies shall be treated as being in default and shall
be subject to all the penalties imposed on said companies for doing business
in this State without depositing the proper securities with the said treasurer
as now or hereafter provided by law.

An. Code, sec. 119. 1904, sec. 107. 1904, ch. 251, sec. 85N. 1908, ch. 240, sec. 107.

150. It shall be lawful for the stockholders of any life insurance,
accident insurance, safe deposit, trust or fidelity company, created by
genera] law or special act, in general meeting assembled, from time to time,
to provide for calling in and cancelling the whole or any part of the capital
stock, and issuing other stock instead thereof at such par value as they may
decide on, to an amount not exceeding the true value of such stock, in such
manner as to provide such contingent fund or surplus not represented by
stock as they may decide to be necessary; provided that notice of every
such meeting of stockholders shall be given in the manner required by sec-

1 Sec. 157 of art. 23 of the An. Code of 1912 was repealed by ch. 492 of 1922—see art.
48A.