1350                        Law« of Maryland.                  [CH. 530

Deputy Commissioner or examiner, which they are authorized
to conduct, shall be deemed to be guilty of perjury and shall
be proceeded against and punished as provided by the statutes
of this State in relation to the crime of perjury.

199. Exemptions. The provisions of this sub-title shall
not apply to any company engaged in the business of issuing,
negotiating, offering for sale or selling contracts wherein the
liability under such contracts is adequately secured in advance
of sale by the lien or pledge with an independent trust company
of property, real or personal, nor to any company engaged in
the business of issuing, negotiating or offering contracts for
the sale of securities where no payment is made to said com-
pany except upon the contemporaneous delivery by said com-
pany to or for the account of the purchaser of the securities
agreed to be sold, nor to any domestic or foreign banks, bank-
ing institutions, banking companies, savings institutions, trust
companies, safe deposit companies, insurance companies, build-
ing and loan associations, nor to contracts issued by a company
for the purpose of raising money for its principal business, if
its principal business is other than the issuing or negotiating or
selling of contracts or obligations described in Section 185 of
this sub-title.

SEC. 2. And be it further enacted, That if any clause, sen-
tence, paragraph or section of this Act shall, for any reason, be
adjudged by any court of competent jurisdiction to be unconsti-
tutional or invalid, such adjudication shall not affect, or impair
or invalidate the remainder thereof, but shall be confined in its
operation to the clause, sentence, paragraph or section thereof so
found unconstitutional or invalid. If any clause, sentence,
paragraph or section of this Act shall, for any reason, be ad-
judged by any court of competent jurisdiction to be uncon-
stitutional or invalid, in any particular application, and the
said clause, sentence, paragraph or section of this Act
shall be constitutional and valid when otherwise applied, such
adjudication shall not affect, impair or invalidate said clause^
sentence, paragraph or section, but shall be confined to the
particular application so found unconstitutional or invalid.

SEC. 3. And be it further enacted. That this Act shall take
effect on June 1st, 1931.

Approved April 17, 1931.