618 CORPORATIONS. [ART. 23

1888, art. 23, sec 136. 1860, art. 56. see. 34. 1858, ch. 432, sec. 7. 1872,

ch 388. 1874, ch. 400. 1876, ch. 248. 1878, ch. 106.
186. The capital stock of no insurance company, mutual
insurance companies excepted, incorporated by this State, or
incorporated by the laws of any other State or nation, and
doing business in this State, whether life, fire, marine or inland
insurance, shall be less than one hundred thousand dollars ;
and every insurance company authorized to do business in this
State must have and continually keep an amount equal to its
entire re-insurance 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 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, not only bearing
but paying interest, or it may be invested in real estate for
their office or business purpose only; 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 mortgages of
unincumbered real estate, in this or any other State of the
United States, worth at least double the amount loaned thereon,
exclusive of buildings, except where such buildings are insured
against fire, and the policies duly assigned as additional secu-
rity, when the value of the buildings so insured—to an extent
not exceeding the amount for which they are insured—shall
be taken into account as a port of the security for such
loan, in determining whether the security is worth double the
amount loaned thereon; or it may be loaned on pledges of any
security named in this section, or on the policies of the com-
pany 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 pro-
vided, 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;
and all such loans shall be subject to the power of the com-
pany to terminate the same in case of the depreciation of the
securities below that limit; and provided, that in all invest-
ments made upon mortgage securities, the evidence of the debt