1142 LAWS OF MARYLAND. [CH. 453

shall be commenced or which shall be issued in or upon any
action, suit or proceeding by any Court, officer or magistrate.

(d) When a foreign building association has complied with
the provisions of the preceding sub-section hereof, and the State
Tax Commission of Maryland is satisfied that it is doing business
according to the laws of Maryland and is in sound financial con-
dition, it shall issue its certificates of authority to the association
to do business in this State. Annually thereafter, upon filing
the annual statement herein provided for, if the Commission is
satisfied as herein provided, it shall issue a renewal of such
certificate.

(e) A foreign building association may collect and use the
interest on securities deposited as provided by law so long as
it fulfills its obligations and complies; with the laws of this State.
It may also exchange them for other securities of equal value
satisfactory to the Treasurer of Maryland.

(f) The deposit made by a foreign building association with
the Treasurer of Maryland shall be held as security for all
claims of residents of this State against such association, and be
liable for all judgments or decrees thereon, and subjected to the
payment thereof in the same manner as the property of other
non-residents. Should an association cease to do business in this
State, the Treasurer of Maryland, upon a certificate from the
State Tax Commission, may release securities in his discretion,
retaining sufficient to satisfy all outstanding liabilities.

(g) Foreign building associations shall pay to the State Tax
Commission the following fees:

For filing an application for admission to do business in this
State, Five Hundred Dollars ($500. 00);

For each certificate of authority and annual renewal thereof,
Two Hundred Dollars ($200. 00).

(h) A foreign building association which does business in
this State without first complying with the provisions herein,
or which wilfully violates or fails to comply with the provisions
of laws relating to foreign building associations shall forfeit
and pay not less than Twenty-five Dollars ($25. 00) nor more
than Five Hundred Dollars ($500. 00), to be recovered by an
action in the name of the State and on collection paid into the
State Treasury,

SEC. 2. And be it further enacted, That this Act shall take
effect June 1st, 1929.

Approved April 1st, 1929.