ALBERT C. RITCHIE, GOVERNOR. 331

deposited with him the sum of one hundred thousand dollars of
its capital or assets, in bonds, coin or treasury notes of the
United States, or in bonds of the State of Maryland or of the
State in which said deposit is made, or in bonds secured by
mortgage or deeds of trust on unincumbered real estate, worth
at least double the amount loaned thereon, and that he holds
the same in trust and on deposit, under and by the laws of the
State in which he resides, for the benefit of all the policyholders
of such company in the United States, and that he is satisfied
that the securities so deposited by such company and held by
him are worth at least one hundred thousand dollars.

Approved April 9, 1924.

CHAPTER 162.

AN ACT to authorize and empower the Commissioners of Den-
ton to purchase a lire engine and such other fire equipment
and appliances as shall be necessary, and to borrow on the
faith and credit of the Town of Denton twelve thousand
dollars ($12, 000. 00). and to issue notes therefor and to pro-
vide for the payment of the same, with interest thereon.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the Commissioners of Denton be and are hereby
authorized and empowered to purchase a fire engine and such
other fire equipment and appliances as shall be necesary for
the use of said town.

SEC. 2. And be it further enacted, That for the purpose
of paying for said fire engine and appliances and equipment,
the Commissioners of Denton are authorized and directed to
borrow on the faith and credit of the Town of Denton the sum
of twelve thousand dollars ($12, 000. 00) and to issue promis-
sory notes therefor in such denominations and upon such terms
and conditions as the Commissioners of Denton shall determine
by resolution; provided, however, that the rate of interest on
said notes shall not exceed six per cent. (6%) per annum; and
the Commissioners of Denton are hereby directed to pay said
interest as the same shall become due and payable and to re-
pay the money so borrowed out of the general taxes of said
town.

SEC. 3. And be it further enacted, That this Act is hereby
declared to be an emergency law, and necessary for the imme-