HERBERT R. O'CONOR, GOVERNOR. 299
that the assets or surplus of any mutual insurance com-
pany are insufficient to justify its continuance in business,
or that the net assets over and above legal reserves and all
other liabilities of any mutual insurance company authorized
to write fidelity or surety bonds, or workmen's compensation
or automobile or public liability insurance, shall have fallen
below $50, 000, he shall determine the amount of such defi-
ciency and issue a written requisition to the officers of the
company requiring them to make good such deficiency within
a time to be specified therein, not less than thirty nor more
than ninety days from the service of such requisition. Such
service may be made by mail, directed to the company at its
home office as specified in its charter. Upon the service of
such requisition the directors of the company shall forthwith
cause such deficiency to be made good and proof to be filed
with the Commissioner within the time specified in the requisi-
tion that the same has been made good. For any losses ac-
cruing upon new risks after the expiration of such time and
before such deficiency shall be made good, the directors of the
company shall jointly and severally be personally liable there-
for. If such deficiency shall not be made good within the time
specified in such requisition and satisfactory proof thereof filed
with the Commissioner, the company shall be proceeded
against as in the case of an insolvent corporation in the
manner authorized by law. Provided, however, that any com-
panies that are licensed to do business in this State on the
effective date of this Act shall be given three years from the
effective date of this Act to comply with the provisions thereof.
SEC. 2. And be it further enacted, That this Act shall take
effect on June 1, 1939.
Approved May 3, 1939.
CHAPTER 182.
(House Bill 167)
AN ACT to repeal and re-enact with amendments Sections 3,
5, 7 and 10 of Article 12 of the Annotated Code of Mary-
land (1924 Edition) and (1935 Supplement), title "Bastardy
and Fornication", and to add four new sections to said
Article, said new sections to be known as Sections 4A, 4B,
4C and 5A, providing a method by which the State's Attor-
neys may conduct preliminary hearings in bastardy cases
and proceed against the accused person either by informa-
tion or indictment.
|
|