282 ARTICLE 48A.

panies embraced within the provisions of Sections 98, 99 and 100, shall,
before being entitled to transact any business of insurance, assign to and
deposit with the Treasurer of the State of Maryland, in trust, as security
for all the holders of policies or other obligations of said company, bonds,
coin or treasury notes of the United States of America, bonds of the State
of Maryland or of any county or municipal corporation of this State, or
interest-paying first mortgage bonds of such electric railways of this State,
ground rents, first mortgages and/or interest-paying bonds secured by first
mortgage on unencumbered real estate situated in this State, worth at
least double the amount loaned thereon, and not in default, as may be
approved by the Board of Public, Works, having a market-value not less
than one hundred thousand dollars.

An. Code, 1924, sec. 20. 1922, ch. 492, sec. 21. 1927, ch. 394, sec. 20.
20. Deposit by Industrial Life Insurance Companies. Industrial
life insurance companies of this State falling within the class referred to
and authorized by Section 99 shall before being entitled to transact any
business of insurance, transfer and assign to and deposit with the Insur-
ance Commissioner, in trust, as security for the holders of policies or other
obligations of said companies, bonds, coin or treasury notes of the United
States of America, or investments or securities mentioned and authorized
by Section 19, having a market value of not less than fifty thousand dol-
lars; and such companies falling within the class referred to and author-
ized by Section 100, and not by law otherwise provided for, shall deposit
with the Insurance Commissioner, in trust, as aforesaid, bonds, coins or
treasury notes or investments or securities as above mentioned and author-
ized, having a market value of not less than ten thousand dollars ($10, 000)
nor more than one hundred thousand dollars ($100, 000).

An. Code, 1924, sec. 29. 1922, ch. 492, sec. 30. 1927, ch. 394, sec. 29.
29. Certificates of Authority to Domestic Company. No company
incorporated under the laws of this State shall, directly or indirectly, trans-
act any business of insurance until, first there shall have been filed with the
commissioner a duly certified copy of its charter; secondly, it shall have
made the deposit of cash or securities required by this Article, according to
the class of business to be transacted, and a certificate of said deposit from
the Treasurer of this State filed with the commissioner, unless said deposit
shall be made with the Commissioner under the provisions of Section 20;
thirdly, the officers or incorporators of such corporation shall have filed a
certified statement under oath showing whether or not the capital re-
quired by the company and authorized by its charter according to the na-
ture of the business proposed to be transacted by it, has been paid in cash
and is held by the board of directors subject to their actual control in ac-
cordance with the provisions of the charter of the said corporation, or has
been invested by them in securities authorized by this article; fourthly,
the officers or incorporators shall have certified under oath that the capital
exhibited to the Commissioner is bona fide property of the corporation;
fifthly, the statement and condition of said corporation shall have been ex-