HERBERT R. O'CONOR, GOVERNOR. 1101

223. 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made, may at any time be withdrawn by the company making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 Commis-
sioner may reasonably make, provided other securities author-
ized by law and of at least equal value shall be substituted
therefor. Whenever it shall appear to the satisfaction of the
said Commissioner that the aggregate amount of the liability
of the company under its contracts heretofore or hereafter
sold in the State of Maryland is less than the value of the se-
curities 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. When-
ever a company shall discontinue the negotiation or gale of
its contracts in the State of Maryland, it shall notify the Com-
missioner in writing, and the Commissioner shall thereupon
cancel the license of such company, and at any time there-
after upon the furnishing of proof satisfactory to the Com-
missioner that the obligations of the company under its con-
tracts 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 amount of the securities deposited
under the provisions of this section, then with the approval
of the Commissioner the surplus over such possible liability
may be withdrawn. If at any time this sub-title be repealed
and a law be enacted in the State of Maryland governing the
licensing, supervision and regulation of companies engaged in
the sale in the State of Maryland of contracts of the kind and
character covered by this sub-title, then the securities deposited
under the provisions of this sub-title may be withdrawn by
the company.

224. Sale of and Income from Deposits. All deposits made
under the provisions of any of the preceding sections shall
be held by said Treasurer subject to sale and transfer and to
the application of the proceeds of any such sale only on the
order of a court of competent jurisdiction. So long as a com-
pany shall be solvent and not in default under any section of
this sub-title, it shall be entitled to receive the income from
any deposit made under any preceding section.

SEC. 2. And he it further enacted, That this Act shall take
effect June 1, 1941.

Approved May 2, 1941.