1852 LAWS OF MARYLAND. [CH. 756

"Howard County", sub-title "County Commissioners and
County Collectors", said new section to be known as Section
71A, and to follow immediately after Section 71 of said
Article, and to read as follows:

71A. The County Commissioners are hereby authorized and
empowered to appoint an Assistant Clerk who shall perform
such duties as shall be prescribed by the County Commis-
sioners and be paid and compensated as the County Commis-
sioners, shall in their discretion, deem reasonable and proper.

SEC. 2. And be it further enacted, That this Act shall take
effect June 1, 1947.

Approved April 25, 1947.

CHAPTER 756.
(House Bill 447)

AN ACT to repeal and re-enact, with amendments, paragraph
(2) of Sub-section 8 of Section 25A of Article 48A of the
Annotated Code of Maryland (1943 Supplement), title "In-
surance", subtitle "General Provisions", relating to the
valuation of the shares of common stock of an insurance
company owned by another insurance company.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That paragraph (2) of Sub-section 8 of Section 25A of
Article 48A of the Annotated Code of Maryland (1943 Supple-
ment), title "Insurance", sub-title "General Provisions", be,
and the same is hereby repealed and re-enacted, with amend-
ments, to read as follows:

25A.

8.

(2) When any insurance company owns fifteen per cent, or
more of the stock of another insurance company, such stock
shall be valued at its book value as shown by its last annual
statement or the last report on examination, whichever is
more recent. The book value of a share of common stock of
an insurance company shall be ascertained by dividing (a)
the amount of its capital and surplus less the value of all its
preferred stock, if any, outstanding, by (b) the number of
shares of its common stock issued and outstanding. Not-