622                             LAWS OF MARYLAND                     [CH. 179

(2) For the privilege of issuing policies insuring against legal
liability arising out of the ownership, operation or maintenance of
motor vehicles which are principally garaged in this State, and in
addition to all other requirements of law, every insurer shall pay
into the fund on or before November 15, 1965, ¼ of 1% of its net
direct written premiums on policies insuring against legal liability
as shown by the return hereinbefore required for the three months
ending September 30, 1965, and thereafter each such insurer, [during
the three years immediately following November 15, 1965], upon
filing each quarterly return as hereinbefore required, shall pay ¼ of
1% of [its] such net direct written premiums as shown for the
period covered by such return into the fund; and for such privilege,
every foreign or alien insurer subject to the provisions of this section
shall be deemed to have consented to the adjudication of all claims
secured by this section in a proceeding under Sections 132 through
164A of this Article, subtitle "Rehabilitation and Liquidation."
Effective July 1, 1969, for the privilege of issuing policies insuring
against physical damage or legal liability arising out of the owner-
ship, operation or maintenance of motor vehicles which are princi-
pally garaged in this State, and in addition to all other requirements
of law, every insurer shall pay into the fund on or before Novem-
ber 15, 1969, ¼ of 1% of its net direct written premiums as shown
by the return hereinbefore required under the provisions of this
section for the three months ending September 30, 1969, and there-
after each such insurer, upon filing each quarterly return as herein-
before required, shall pay ¼ of 1% of its net direct written premiums
as shown for the period covered by such return into the fund; and
for such privilege every foreign or alien insurer subject to the pro-
visions of this section shall be deemed to have consented to the ad-
judication of all claims secured by this section in a proceeding under
Sections 132 through 164A of this Article, subtitle "Rehabilitation
and Liquidation."

(f) Fund to be deposited; disbursements; investments.—The fund
created by this section shall be deposited with the State Treasurer to
be held in such banks as he deems proper and shall be accounted for
by the State Comptroller in a special account known as the "Motor
Vehicle [Liability] Security Fund." All disbursements from the fund
shall be made by the Treasurer upon warrant from the Comptroller
who shall issue such warrant upon receipt of vouchers signed by the
Commissioner or his deputy, as hereinafter provided. The moneys of
said fund may be invested by the Treasurer only in securities of the
United States or of this State. The Treasurer may sell any of the
securities in which the fund is invested, if advisable, for its proper
administration or in the best interest