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1935 Cumulative Supplement to the Annotated Code of the Public General Laws of Maryland
Volume 378, Page 663   View pdf image (33K)
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INSURANCE. 663

1931, ch. 530, sec. 199.

199. Exemptions. The provisions of this sub-title shall not apply to
any company engaged in the business of issuing, negotiating, offering for
sale or selling contracts wherein the liability under such contracts is ade-
quately secured in advance of sale by the lien or pledge with an inde-
pendent trust company of property, real or personal, nor to any company
engaged in the business of issuing, negotiating or offering contracts for
the sale of securities where no payment is made to said company except
upon the contemporaneous delivery by said company to or for the account
of the purchaser of the securities agreed to be sold, nor to any domestic
or foreign banks, banking institutions, banking companies, savings insti-
tutions, trust companies, safe deposit companies, insurance companies,
building and loan associations, nor to contracts issued by a company for
the purpose of raising money for its principal business, if its principal
business is other than the issuing or negotiating or selling of contracts or
obligations described in Section 185 of this sub-title.

1931, ch. 530, sec. 2

200. If any clause, sentence, paragraph or section of this sub-title
shall, for any reason, be adjudged by any court of competent jurisdiction
to be unconstitutional or invalid, such adjudication shall not affect, or
impair or invalidate the remainder thereof, but shall be confined in its
operation to the clause, sentence, paragraph or section thereof so found
unconstitutional or invalid. If any clause, sentence, paragraph or section
of this sub-title shall, for any reason, be adjudged by any court of com-
petent jurisdiction to be unconstitutional or invalid, in any particular
application, and the said clause, sentence, paragraph or section of this
sub-title shall be constitutional and valid when otherwise applied, such
adjudication shall not affect, impair or invalidate said clause, sentence,
paragraph or section, but shall be confined to the particular application so
found unconstitutional or invalid.


 

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1935 Cumulative Supplement to the Annotated Code of the Public General Laws of Maryland
Volume 378, Page 663   View pdf image (33K)
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