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Session Laws, 1878
Volume 399, Page 147   View pdf image (33K)
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JOHN LEE CARROLL, ESQUIBE, GOVEBNOB. 147

to an extent not exceeding the amount for which


they are insured — shall be taken into account as a


part of the security for such loan, in determining


whether the security is worth double the amoint

Worth double

loaned thereon ; or it may be loaned on pledges of

the amount.

any security named in this section, or on the policies


of the company in force ; Provided: that each loan

Loans and

is less than the net reserve of the policy on which

pledged se-

the loan is made, according to the standard of valu-

curities.

ation prescribed in this act ; And provided : that the


current market value of such pledged securities, oth-


. er than the bonds and stocks of this State, or of the


United States,shall be at all times during the con-


tinuance 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 company to ter-


minate the same in case of the depreciation of the


securities below that limit ; And provided: that in


all investments made upon mortgage securities, the

Mortgage se-

evidence of the debt shall accompany the mortgage

curities.

or deed of trust ; and the Insurance Commissioner


shall have the authority, when any of the securities


mentioned in this section and held by any insurance


company reporting to him, are of doubtful market


value, or without any ascertainable value in the ex-


changes, to cause the same to be appraised by two


disinterested and competent persons, whose estimate


of the value of such securities shall be taken to be


the value thereof unless the company, by placing
some of them upon the market and obtaining a bona


fide offer therefor, shall so establish for them a dif-


ferent value.



35. Whenever the Attorney General of the State


or the State's Attorney for the city of Baltimore or


for any county of this State shall be required by the


Insurance Commissioner to institute proceedings

To institute

against any insurance company, incorporated under

proceedings.

the laws of this State, to ascertain whether such


corporation has been guilty of such misuse, abuse or


non-user of its corporate powers and franchises, as


by law would authorize and make proper the for-


feiture of its charter, corporate powers and fran-


chises, the said Attorney General, or State's Attor-


ney, as the case may be, so required, shall file with


the Superior Court of Baltimore city, or t+he Circuit




 

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Session Laws, 1878
Volume 399, Page 147   View pdf image (33K)
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