90 CORPORATIONS. [ART. 23

vided, however, that no such corporation incorporated under any
law of any other State, district or territory, the United States or
any foreign country, shall be required to make the deposit above
set forth, with the treasurer of this State, if said corporation
shall have made with the insurance commissioner, treasurer or
other proper officer of any State, district or territory in the
United States, a deposit in the amount as above set forth, of any
securities as shall have been approved by the proper officer where
made, for the benefit of all the holders of policies or guarantees
of said corporation, as above set forth, and a certificate thereof
under the hand and official seal of said proper officer shall have
been filed with said treasurer; and all other corporations men-
tioned in section 85 A, not transacting as part of their business the
security or guarantee business shall, within six months from the
2d of April, 1896, and from time to time thereafter, if need be,
transfer and assign to the said treasurer, registered public stock
of the United States, or of the State of Maryland, or of Balti-
more city, or the bonds of any county or municipal corporation
of this State, which shall be approved by said Treasurer to the
amount in value of fifteen per centum of the paid-up capital
stock of such corporation, and said amount shall be at all times
maintained by said corporation, so that the amount of such stock
in the hands of said treasurer shall at all times be equivalent, at
its par value, to fifteen per centum of the paid-up capital stock
of such corporation, but not less in any case than thirty thousand
dollars; which stocks must be registered in the name of the said
treasurer, officially, as held in trust under and pursuant to this
section, and the same shall be held by the said treasurer in trust
as security for the depositors with, or creditors of said corpora-
tion; and all of the said stocks so held in trust by the said
treasurer and deposited by any of the corporations above named,
either transacting the security or any other class of business,
shall be held by said treasurer subject to sale and transfer, and
to the application of the proceeds of such sale by the said treas-
urer only on the order of any court of competent jurisdiction,
and until the order of such court authorizing such sale or trans-
fer, or otherwise to the contrary, said treasurer shall pay over to
such corporation the interest which may be received on the said
securities, or he may authorize the said corporation to collect and