2102 ARTICLE 48A

state, and, if a domestic company, has discharged all of its obligations, or
if a foreign company, has discharged all of its obligations in this state, he
shall, upon the joint written request of the said company and the insurance
commissioner, surrender to said company any deposit so held. All sur-
renders shall be countersigned by the insurance commissioner.

An. Code, 1924, sec. 24. 1922, ch. 492, sec. 25.

24. (Sale of and Income from Deposits.) All deposits made under the
provisions of any of the preceding sections shall be held by said treasurer
or commissioner, subject to sale and transfer and to the application of the
proceeds of any such sale only on the order of a court of competent juris-
diction. So long as a company shall be solvent and not in default under
any section of this article, it shall be entitled to receive the income from
any deposit made under any of the preceding sections.

An. Code, 1924, sec. 25. 1922, ch. 492, sec. 26. 1933 (Special Sess.), ch. 109. 1935, ch. 511.

1937, ch. 167. 1939, ch. 168.

25. (Investment of Reserves.) Every insurance company, domestic
or foreign, authorized to do business in this State, must have and con-
tinually keep an amount equal to its entire reinsurance reserve and all
other debts and claims against it, exclusive of capital stock, invested in the
bonds, coin or treasury notes of the United States, or interest, or dividend-
paying bonds or stocks of this or any other State of the United States
or of any county, incorporated city or other corporation of this or any other
State having legal authority to issue the same and not in default, or in real
estate for the office or business purposes only of said company or bonds of
the Home Owners Loan Corporation, a corporation created under an Act
of Congress of the United States, approved June 13, 1933, or in debentures
issued by the Federal Housing Administrator; or in securities of national
mortgage associations; provided, however, that they shall have the right
to purchase and hold real estate under a foreclosure of their own mortgages
for a period of not more than five years, and for five years longer if, in the
judgment of the insurance commissioner, it is advisable so to do; or it
may be invested in ground rents, or loaned upon first mortgages on unin-
cumbered fee simple, or improved leasehold, real estate, in this or any other
State of the United States, to an amount not exceeding sixty-six and two-
thirds per cent of the fair market value of such fee simple, or improved
leasehold, real estate. Whenever such loans are made upon fee simple, or
improved leasehold, real estate which is improved by a building or build-
ings, the said improvements shall be insured against loss by fire, and the
fire insurance policies shall be duly assigned to the mortgagee as additional
security for the said loan; or it may be loaned on pledges of any security
named in this section, or on the policies of the company in force, provided,
that each loan is less than the net reserve of the policy on which the loan
is made, according to the standard of valuation prescribed in this Article;
and provided, that the current market value of such pledged securities,
other than the bonds and stocks of this State, or of the United States, shall
be at all times during the continuance of such loans, at least ten per cent
more than the sum loaned on them. All such loans shall be subject to the
power of the company to terminate the same in case of the depreciation
of the securities below that limit. In all investments made upon mortgage
securities, the evidence of the debt shall accompany the mortgage or deed
of trust, and the insurance commissioner shall have the authority, when