ALBERT C. RITCHIE, GOVERNOR, 1143

So long as a company shall be solvent and not in default under
any section of this article, it shall be entitled to receive the in-
come from any deposit made under any of the preceding sec-
tions.

SEC. 26. Investment of Reserves. Every insurance com-
pany, domestic or foreign, authorized to do business in this
state, must have and continually keep an amount equal to its
entire reinsurance 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 interest, or dividend-
paying bonds or stocks of this or any other state of the United
States, or of any county, incorporated city or other corpora-
tion of this or any other state having legal authority to issue
,the same, and not in default, or in real estate for the office
or business purposes only of said company; 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
judgement of the insurance commissioner, it is advisable so
to do; or it may be invested in ground rents, or loaned upon
first mortgages on unincumbered fee simple, or improved lease-
hold, real estate, in this or any other state of the United States,
to an amount not exceeding sixty per cent, of the fair market
value of such fee simple, or improved leasehold, real estate.
Whenever such loans are made upon fee simple, or
improved leasehold, real estate which is improved by
a building or buildings, the said improvements shall
be insured against loss by fire, and the fire insurance policies
shall be duly assigned to the mortgagee as additional security
for the said loan; or it may be loaned on pledges of any se-
curity named in this section, or on the policies of the company
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 provided,
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. 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. In all investments made upon mortgage se-
curities, the evidence of the debt shall accompany the mort-
gage or deed of trust, and the insurance commissioner shall
have the authority, when any of the securities mentioned in