658 ARTICLE 48A.

resides for the benefit of all the contract holders of such company in the
United States, and that he is satisfied that the securities so deposited by
such company and held by him are worth not less than $25, 000 and not
less than the aggregate contract liability of the company to the holders
of all contracts or other obligations heretofore or hereafter sold, nego-
tiated, issued or accrued by said company in the United States, then in
such case such company shall be excused from making the deposit herein-
before required. When the value of said securities shall depreciate so that
the market value of the deposit shall be less than hereinbefore required,
additional securities shall be deposited in order that the deposit shall at
all times be maintained in the amount of not less than that hereinbefore
required.

1931, ch. 530, sec. 189.

189. Exchange and Surrender of Deposits. Any deposit of coin, treas-
ury notes or securities as aforesaid made, may at any time be withdrawn
by the company making the same, under such rules and regulations as the
Commissioner may reasonably make, provided other securities authorized
by law and of at least equal value shall be substituted therefor. When-
ever it shall appear to the satisfaction of the said Commissioner with
whom any deposit shall have been made as aforesaid that the aggregate
amount of the liability of the company under its contracts heretofore or
hereafter sold in the State of Maryland is less than the value of the securi-
ties so deposited, then to the extent of such surplus over the amount of
$25, 000, the said Commissioner shall permit said Company to withdraw
a portion of said deposit. Whenever a company shall discontinue the
negotiation or sale of its contracts in the State of Maryland, it shall notify
the Commissioner in writing, and the Commissioner shall thereupon cancel
the license of such company, and at any time thereafter upon the furnish-
ing of proof satisfactory to the Commissioner that the obligations of the
company under its contracts theretofore negotiated or sold in the State
of Maryland have been satisfied in full, then said company may withdraw
the deposit of securities required by this sub-title. If upon such discon-
tinuance the company furnished proof satisfactory to the Commissioner
that the liability of the company under contracts theretofore sold in the
State of Maryland cannot in the future equal the amount of the securities
deposited under the provisions of this section, then with the approval of the
Commissioner the surplus over such possible liability may be withdrawn.
If at any time this sub-title be repealed and a law be enacted in the State
of Maryland governing the licensing, supervision and regulation of com-
panies engaged in the sale in the State of Maryland of contracts of the
kind and character covered by this sub-title, then the securities deposited
under the provisions of this sub-title may be withdrawn by the company.

1931, ch. 530, sec. 190.

190. Sale of and Income From Deposits. All deposits made under the
provisions of any of the preceding sections shall be held by said Commis-