1344                        LAWS OF MARYLAND.                  [CH. 530

States, and that he holds said deposit in trust and on deposit,
under and by the laws of the State in which he resides for the
benefit of all the contract holders 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 not
less than $25, 000 and not less than the aggregate contract
liability of the company to the holders of all contracts or other
obligations heretofore or hereafter sold, negotiated, issued or
accrued by said company in the United States, then in such
case such company shall be excused from making the deposit
hereinbefore required. When the value of said securities
shall depreciate so that the market value of the deposit shall
be less than hereinbefore required, additional securities shall
be deposited in order that the deposit shall at all times be
maintained in the amount of not less than that hereinbefore
required.

189. Exchange and Surrender of Deposits. Any de-
posit of coin, treasury notes or securities as aforesaid made,
may at any time be, withdrawn by the company making the
same, under such rules and regulations as the Commissioner
may reasonably make, provided other securities authorized by
law and of at least equal value shall be substituted therefor.
Whenever it shall appear to the satisfaction of the said Com-
missioner with whom any deposit shall have been made as
aforesaid that the aggregate amount of the liability of the com-
pany under its contracts heretofore or hereafter sold in the
State of Maryland is less than the value of the securities so-
deposited, then to the extent of such surplus over the amount
of $25, 000, the said Commissioner shall permit said Company
to withdraw a portion of said deposit. Whenever a company
shall discontinue the negotiation or sale of its contracts in the
State of Maryland, it shall notify the Commissioner in writ-
ing, and the Commissioner shall thereupon cancel the license
of such company, and at any time thereafter upon the furnish-
ing of proof satisfactory to the Commissioner that the obliga-
tions of the company under its contracts theretofore negotiated
or sold in the State of Maryland have been satisfied in full,
then said company may withdraw the deposit of securities
required by this sub-title. If upon such discontinuance the
company furnished proof satisfactory to the Commissioner that
the liability of the company under contracts theretofore sold
in the State of Maryland cannot in the future equal the