HERBERT B. O'CONOR, GOVERNOR. 327
CHAPTER 308.
(House Bill 28)

AN ACT to repeal and re-enact, with amendments, Section 29
of Article 48A of Flack's Annotated Code of Maryland (1939
Edition), as amended by Chapter 399 of the Acts of 1941,
title "Insurance", sub-title "General Provisions", relating to
deposits by insurance companies.

SECTION 1. Be It enacted by the General Assembly of Mary-
land, That Section 29 of Article 48A of Flack's Annotated Code
of Maryland (1939 Edition), as amended by Chapter 399 of the
Acts of 1941, title "Insurance", sub-title "General Provisions",
be and the same is hereby repealed and re-enacted, with amend-
ments, to read as follows:

29. CERTIFICATES OF AUTHORITY TO DOMESTIC COMPANIES.
No company incorporated under the laws of this State shall,
directly or indirectly, begin the transaction of any business of
insurance until the Insurance Commissioner shall have ascer-
tained from the best source of information at his command,
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 required 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; (e) the officers or incorporators
of such corporation shall have filed a certified statement under
oath showing whether or not the capital required by the Com-
pany 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 theni in securi-
ties authorized by this Article; (d) the officers or incorporators
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 corporation shall have been
examined by an examiner or examiners appointed by the Com-
missioner and a report of the examination filed with the afore-