PRANK BROWN, ESQUIRE, GOVERNOR.

155

of said corporations has violated its charter, or the law per-

Duty of
Treasurer

taining to the same, or is conducting business in an unsafe

in case

or unauthorized manner, he shall, by an order under his

company
has

hand and seal of office, addressed to such corporation, direct

violated
charter.

the discontinuance of such illegal or unsafe practices and

require said corporation to act in conformity with the

requirements of its charter and of law, and insist upon

safety and security in its transactions ; and whenever any

such corporation shall refuse or neglect to make such report

as hereinbefore required, or to comply with any such order

as aforesaid ; or whenever it shall appear to said treasurer

that it is unsafe or inexpedient for any such corporation to

continue to transact business, he shall communicate the

facts to the Attoruey General who shall thereupon be

authorized to institute such proceedings against any such

corporation as are now or may hereafter be provided by law.

85 E. Every such corporation, as aforesaid, shall, within

six months from the passage of this act, 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 Baltimore City, or the bonds

of any couty or municipal corporation of this State, which

To deposit

shall be approved by said treasurer to the amount in value

with

of fifteen per centum on the paid up capital stock of such

Treasurer
as security

corporation, and said amount shall be at all times main-

for
depositors..

tained 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 ten 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 act, and the same shall be held

by the said treasurer in trust as security for the depositors

with, or creditors of said corporation, and subject to sale

and transfer, and to the application of the proceeds of such

sale by the said treasurer only on the order of any court

of competent jurisdiction, and until the order of such court

authorizing such sale, or transfer, or otherwise, to the con-

trary, 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 receive

the same for its own benefit ; should any such corporation

at any time have deposited with said treasurer more than

the amount hereby required, such excess may be refunded.

85 F. In case any such corporation, now or hereafter

doing business in this State not chartered under the

authority of this State, shall refuse or neglect to make the