HERBERT R. O'CONOR, GOVERNOR. 663

and by such investigation as he may deem necessary, and shall
be satisfied that the character, responsibility and general fit-
ness of the persons, named as officers and directors of said
company, are such as to command confidence and warrant
belief that the business of the company will be honestly and
efficiently conducted in accordance with the intent and pur-
poses of this Article, and that the public interest will not be
jeopardized by admitting said company to engage in business
in this State and until, (a) there shall have been filed with
the Commissioner a duly certified copy of its charter;
(b) it shall have made the deposit of cash or securities re-
quired by this Article, according to the class of business to be
transacted, and a certificate of said deposit from the Treasurer
of this State filed with the Commissioner, unless said deposit
shall be made with the Commissioner under the provisions of
Section 20; (c) the officers or incorporators of such cor-
poration shall have filed a certified statement under oath
showing whether or not the capital required by the company
and authorized by its charter according to the nature of the
business proposed to be transacted by it, has been paid in
cash and is held by the Board of Directors subject to their
actual control in accordance with the provisions of the charter
of the said corporation, or has been invested by them in
securities authorized by this Article; (d) the officers or incor-
porators shall have certified under oath that the capital
exhibited to the Commissioner is bona fide property of the
corporation; (e) the statement and condition of said cor-
poration shall have been examined by an examiner or examiners
appointed by the Commissioner and a report of the examina-
tion filed with the aforesaid papers, the cost of such examina-
tion to be paid by the company examined; and (f) there shall
have been granted by the Commissioner a license or certificate
of authority to said corporation.

SEC. 2. And l>e it further enacted, That this Act shall take
effect on June 1, 1941.

Approved April 23, 1941.

CHAPTER 400.
(House Bill 37)

AN ACT to add a new section to Article 48A of Flack's Anno-
tated Code of Maryland (1939 Edition), title "Insurance",
sub-title "General Provisions", to follow immediately after
Section 40, and to be known as Section 40A, providing for