624 ARTICLE 48A.

value, or without any ascertainable value on the exchange, to cause the
same to be appraised by two disinterested and competent persons, whose
estimate of the value of such securities shall be taken to be the value
thereof, unless the company, by placing some of them upon the market,
and obtaining a bona fide offer therefor, shall so establish for them a
different value; provided further, that it may also be loaned upon first
mortgages which the Federal Housing Administrator has insured or has
made a commitment to insure pursuant to Title II of said National Hous-
ing Act or invested in the notes or bonds secured by such insured mort-
gages, and neither the limitations of this section nor any other law of this
State requiring security upon which loans shall be made, or prescribing
the nature, amount or form of such security, or limiting the interest rates
upon loans, shall be deemed to apply to such insured mortgage loans.

An. Code, 1924, sec. 28. 1922, ch. 492, sec. 29. 1924, ch. 161. 1935, ch. 149.
28. Admission of Foreign, Companies. No foreign insurance company
shall, directly or indirectly, transact any business of insurance in this
State unless and until it shall be fully organized and possessed of the
amount of capital and surplus required of similar companies formed
under the laws of this State, and until the following conditions shall have
been fully complied with and there shall have been granted by the Com-
missioner a license to said company. There shall be filed with the Insur-
ance Commissioner, first, a copy of its charter, declaration of organization
or deed of settlement, duly certified by the proper official of its home State,
with his certificate that said company is entitled to assume risks and issue
policies therein; secondly, a power of attorney appointing the Insurance
Commissioner of the State of Maryland as agent or attorney for the com-
pany, upon whom process of law may be served, together with a certified
copy of the vote or resolution of the directors appointing such attorney.
Said writing or power of attorney shall stipulate and agree, on the part of
the company making the same, that any lawful process against said company
which is served on such agent, shall be of the same legal force and validity
as if served on such company within this State, and also, that in case of
the death or absence of the attorney so appointed, service of process may
be made upon the Deputy Insurance Commissioner. Said power of attor-
ney cannot be revoked or modified so long as any policy or liability re-
mains outstanding against such company in the State. The term process,
used above, shall be held and deemed to include any writ, summons, or
orders whereby any action, suit, or proceeding shall be commenced, or
which shall be issued in or upon any action, suit or proceeding by any
court, officer or magistrate; thirdly, a statement of the condition of the
company on the thirty-first day of December next preceding, under oath
of the president or vice-president of the company, with that of the secre-
tary or actuary, as hereinafter provided; fourthly, a certificate by every
company writing life, accident, health, liability or compensation insurance,
or fidelity or surety bonds, which shall be renewed annually, from the
Commissioner or Superintendent of insurance, or proper financial officer