1006                            LAWS OF MARYLAND                      [CH. 704

AND DIRECT THAT NO CONSTRUCTION BE COMMENCED
ON, ANY PROJECT WHICH HAS BEEN PREVIOUSLY AP-
PROVED BUT NOT YET CONTRACTED FOR CONSTRUCTION
WITHIN THREE YEARS OF ITS FIRST APPROVAL BY THE
COUNCIL. The Sanitary Commission shall not extend or approve
construction of sewer or water lines of any size or capacity to serve
properties beyond a point which has been approved for major
[sewer] extension until the County Council has first approved the
extension of such [sewer] lines of any size or capacity beyond such
point. It is the intent of the General Assembly that the Sanitary
Commission, the Park and Planning Commission and the County
Council shall cooperate to the fullest extent and shall seek to attain
maximum harmony of the sewer and water construction programs
with the other elements of orderly growth in Montgomery County.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1965.

Approved May 4, 1965.

CHAPTER 704
(Senate Bill 239)

AN ACT to repeal and re-enact, with amendments, Section 48 of
Article 48A of the Annotated Code of Maryland (1964 Replace-
ment volume), title "Insurance Code", sub-title "3. Insurers:
Authorization and General Requirements", to extend the terms

of capital stock requirements to engage in one or more kinds of

insurance to insurers commencing business in this State prior to

July 1, 1965, and to add new sub-sections (3) and (4) to said

Section 48 establishing capital stock requirements for insurers
commencing business in this State on or after July 1, 1965; and
providing that nothing herein shall affect the provisions of Section
5 of Chapter 553 of the Acts of 1963. TO CHANGE THE RE-
QUIREMENTS FOR AND AMOUNT OF CAPITAL STOCK
REQUIRED TO QUALIFY TO ENGAGE IN THE INSURANCE
BUSINESS IN THE STATE IN ONE OR MORE LINES OF
INSURANCE; AND TO REPEAL AND RE-ENACT SECTION
5 OF CHAPTER 533 OF THE ACTS OF 1963.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 48 of Article 48A of the Annotated Code of Maryland
(1964 Replacement Volume), title "Insurance Code", sub-title "3.
Insurers: Authorization and General Requirements", be and it hereby
is repealed and re-enacted, with amendments, to read as follows:

48.

(1) To qualify for authority to engage in the business of any one
kind of insurance business, unless otherwise provided in this article,
an insurer commencing business in this State prior to July 1, 1965,
shall possess and thereafter maintain paid-in capital stock in an
amount not less than as applicable under the following schedule: