576 CORPORATIONS. [ART. 23

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 laws, and especially by sections 98 and 149 of this
article, transfer and assign to said treasurer such first mort-
gage bonds of electric railways of this State as may be
approved by the board of public works, in lieu of the kinds
of securities now required by law to be deposited with said
treasurer; or said companies may in lieu of said securities
transfer and assign to said treasurer bonds secured by a first
mortgage on real estate situated in the State of Maryland and
owned by the company required by law to make such deposit
whenever such bonds may be approved as security by the board
of public works. If at any time the board of public works
shall find that the 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 the 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 substitute bonds of a different kind in their place,
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.

1904, ch. 251, sec. 85 N.

107. It shall be lawful for the stockholders of any life
insurance, accident insurance, safe deposit, trust or fidelity
company, created by general law or special act, in general
meeting assembled, from time to time, to provide for calling
in and cancelling the whole or any part of the capital stock
and issuing other stock instead thereof at such par value as
they may decide on, to on amount not exceeding the true value
of such stock, in such manner as to provide such contingent
fund or surplus not represented by stock as they may decide
to be necessrry; provided, that notice of every such meeting