J. MILLARD TAWES, Governor                        293

for which the registration or titling is cancelled, suspended or re-
voked, and it is unlawful for any person whose driving license or
permit is cancelled, suspended or revoked to operate a vehicle during
such period of cancellation, suspension or revocation.

(b) Violation of this section shall be deemed to be a misdemeanor
and upon conviction shall be punishable by a fine of not more than
one hundred ($100.00) dollars or by imprisonment not to exceed
thirty (30) days or by both such fine and imprisonment.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1964.

Approved April 7, 1964.

CHAPTER 98
(House Bill 55)

AN ACT to repeal and re-enact, with amendments, Sections 108(b)
and 110 of Article 48A of the Annotated Code of Maryland (1963
Supplement), title "Insurance Code," subtitle "8. Administration of
Deposits," granting the Treasurer of Maryland discretion in the
administration and approval of deposits of securities both as to
principal and interest. AND CLARIFYING THE LAW RELAT-
ING TO SUCH SECURITIES.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 108 (b) and Section 110 of Article 48A of the Annotated
Code of Maryland (1963 Supplement), title "Insurance Code," subtitle
"8. Administration of Deposits," be and they are hereby repealed
and re-enacted, with amendments, to read as follows:

108.

(b) Deposits of securities shall be registered both as to principal
and interest in the name of the State Treasurer of Maryland as such
trustee.

110.

(1)   All such deposits required for authority to engage in the
insurance business in Maryland shall consist of cash or any combi-
nation of the government obligations described in subsections (sec-
tions) 95(1) or 102(1), (2), or (3) [.], as may be approved by the
State Treasurer, in his discretion.

(2)   All such deposits required pursuant to the laws of another
state, province, or country, or pursuant to the retaliatory provision,
Section 61, shall consist of such assets as are required [or permitted
by such laws, or as required pursuant to such retaliatory provision.]
by section 110(1) above, as may be approved by the State Treasurer,
in his discretion.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1964.

Approved April 7, 1964.