656 ARTICLE 48A.

suit or proceeding by any court, officer or magistrate. Every company
shall further file with the Commissioner a statement of the condition of
the company on the 31st day of December next preceding.

Before a license shall be issued by said Commissioner, he shall make or
cause to be made an investigation of the conditions and affairs of the
applicant and its general plan of operation. If the Commissioner is satis-
fied that the company is sound and is being operated in such a manner
as to afford proper protection to the holders of its contracts heretofore or
hereafter entered into, he shall issue a license to said company authorizing
said company to solicit, negotiate, sell and dispose of its contracts in the
State of Maryland until July first next following, which said license may
be renewed from year to year by the Commissioner upon payment by the
company of the fees hereinafter provided for in this sub-title, if the
Commissioner is not satisfied that the applicant company is sound or that
it is being conducted in such a way as to afford proper protection to holders
of contracts heretofore or hereafter entered into, he shall forthwith notify
the applicant to that effect, and upon request from such applicant filed
within ten days after receipt of such notice, the Commissioner shall fix a
time and place for hearing, of which ten days' notice shall be given to
such applicant, at which hearing the applicant may offer such information
and evidence relating to its application as it may deem proper. If satis-
fied as aforesaid, as a result of said hearing, the Commissioner shall
thereupon issue a license, but if the Commissioner is not satisfied, as
aforesaid, then he shall refuse such license.

1931, ch. 530, sec. 186.

186. Revocation of Licenses. The Commissioner may revoke any
license at any time or refuse a renewal thereof when conditions arise
which, in his judgment, show that the affairs of the company are not
being conducted in accordance with law, and especially with the provisions
of this sub-title, or are not being conducted in such a manner as to afford
proper protection to the holders of its contracts theretofore or thereafter
entered into. Before revoking any license or before refusing to renew any
license the Commissioner shall give notice in writing to the company, and
such company shall have ten days or such longer period as the Commis-
sioner may deem advisable within which to furnish evidence or proof to
the Commissioner that said license should not be revoked or should be
renewed. If satisfied that said license should not be revoked or should
be renewed the Commissioner shall so advise the company, but if after
said hearing the Commissioner is still of the opinion that said license should
be revoked or should not be renewed for the reasons stated by him, then he
shall notify such company by writing to that effect.

1931, ch. 530, sec. 187.

187. Right of Appeal. Any company claiming to be aggrieved because
of any final action taken by the Commissioner in refusing a license or in
refusing to renew any license or in revoking a license, of said company,