2114 ARTICLE 48A

prosecuted to final judgment in the same manner as if the merger or con-
solidation had not taken place, or the new corporation may be substituted
in place of any corporation so merged or consolidated by order of the court
in which the action or proceeding may be pending.

As to the consolidation of corporations in general, see art. 23, secs. 33, et seq., and
116. As to the consolidation of railroad companies, see art. 23, secs. 220 and 237.

An. Code, 1924, sec. 49. 1922, ch. 492, sec. 49.

50. (Property of Foreign Companies in Maryland.) Any foreign in-
surance company may acquire by purchase or in any other manner, and
take, receive, hold, use, employ, manage, dispose of, or deal with, any prop-
erty, real, personal, or mixed, and situated in the State of Maryland, which
may be necessary or proper to enable it to erect buildings for office or
business purposes, or to foreclose any mortgages that may be due it for
loans made; provided, that all transactions, as herein permitted, shall be
in accordance with the laws now in force regulating such transactions on
the part of insurance companies incorporated under the laws of this state.

An. Code, 1924, sec. 50. 1922, ch. 492, sec. 50. 1927, ch. 394, sec. 50. 1935, ch. 273, sec. 50.

51. (Examination of Companies.) Once at least during his term of
office the Commissioner shall cause the affairs of every insurance company
organized under the laws of this State to be thoroughly inspected and
examined with special regard to its financial condition and its ability to
fulfill its obligations, and shall ascertain and determine whether or not
it has complied with the laws of this State; he shall also cause an examina-
tion of every such company to be made whenever he deems it prudent to
do so, or upon the request of five or more of the stockholders, creditors,
policyholders, or persons pecuniarly interested therein, who shall make
affidavit of their belief, with specifications of reason thereof, showing a
prima facie case that such company is in an unsound condition. When-
ever the Insurance Commissioner may have reason to doubt the solvency
or the correctness of the statement of any foreign company which may
have been licensed to do business in this State, or which may be applying
for said license, he shall communicate such doubts, and the reasons there-
for, to the Insurance Commissioner, or other officer charged with the
supervision of insurance corporations of the State in which said company
is located, and if he is not satisfied from the information obtained from
such Insurance Commissioner or other officer, or from the officers of the
company, that the condition of the company is such as to warrant him in
permitting it to transact business in this State, under the provisions of
this Article, he shall notify such company that it will be necessary for
him to have its affairs examined. Whenever an examination of any insur-
ance company doing business in this State shall be determined upon under
the provisions of this Article, the examiner of the insurance department
and such other person or persons who shall be appointed by the Insurance
Commissioner for that purpose shall visit such company at its principal
office and make a thorough examination into its affairs; and if such com-
pany shall refuse to permit such examination, or shall refuse access to all
its books and papers, or shall in any way prevent or obstruct a thorough
examination into its affairs, he shall not grant a license to such company,
or if a license shall already have been granted, he shall at once revoke
it and publish the fact of such revocation in one daily newspaper pub-
lished in the City of Baltimore. The Insurance Commissioner shall be