18 CORPORATIONS. [ART. 23

safe deposit, trust, guaranty, loan and fidelity company or
association incorporated under any law of this or any other
State, district or territory of the United States, or any foreign
country, receiving money on deposit or assuming any obligation
in this State, may, as the security on deposit now or hereafter
required by law to be deposited, with the treasurer of Maryland,
by law and especially by sections 85E and 116 of this article,
transfer and assign to said Treasurer such first mortgage bonds of

electric railways of this State as may be approved by the Board
of Public Works, in lien of the kinds of securities now required
by law to be deposited with said Treasurer; if at any time the
Board of Public Works shall find that bonds approved by them

have either fallen in value or have ceased to be proper security
to be held by said Treasurer, then the said board shall direct any

company having any of said bonds on deposit with him as

security, as aforesaid, to either deposit an additional number of
bonds with said Treasurer or to withdraw said bonds entirely and
substitute bonds of a different kind in their place; if the said
company or companies owning said bonds shall fail, within ten
days from the receipt of a notice from the Treasurer to that effect,
to alter, increase the number of said bonds on deposit, or substi-
tute bonds of a different kind in their places, as the Board of
Public Works may order, then the said company or companies
shall be treated as being in default, and shall be subject to all
the penalties imposed on said companies for doing business in
this State without depositing the proper securities with the said
Treasurer, as now or hereafter provided by law.

1900, ch. 272.

85N. All corporations heretofore chartered under any of the
laws of this State, except cemetery companies, companies
created for purely benevolent or charitable purposes, railroad
companies and building or homestead associations, which have
not within two years from the date of the granting of their
charters or certificates of incorporation actually organized and
begun business, shall be conclusively presumed to have surren-
dered all corporate or charter rights, unless within six months
from the first day of June, 1900, each of said corporations pay

* Enacted al section 85A..