1858

LAWS OF MARYLAND

[Ch. 311

(III) CIRCULARS TO BE ISSUED BY THE SOCIETY;

AND

(4)        A BOND CONDITIONED ON THE RETURN TO

APPLICANTS OF ADVANCED PAYMENTS IF THE ORGANIZATION OF
THE SOCIETY IS NOT COMPLETED WITHIN ONE YEAR.

(B)       ADDITIONAL INFORMATION.

THE COMMISSIONER MAY REQUIRE ANY ADDITIONAL
INFORMATION HE CONSIDERS NECESSARY.

(C)       REQUISITES OF BOND.

THE REQUIRED BOND, WITH SURETIES APPROVED BY THE
COMMISSIONER, SHALL BE IN THE AMOUNT REQUIRED BY THE
COMMISSIONER, BUT NOT LESS THAN $5,000 NOR MORE THAN
$25,000.

(D)       ENGLISH LANGUAGE REQUIREMENT.

EVERY DOCUMENT FILED SHALL BE IN THE ENGLISH
LANGUAGE.

REVISOR'S NOTE: This section presently appears as
the first three sentences of Art. 48A, §311.

The provisions of present §311 which relate to
issuance of a preliminary certificate are
included in §6-406.

The only changes are in style.

6-405. MINIMUM CAPITAL.

EACH SOCIETY WHICH, AFTER JULY 1, 1968, APPLIES FOR
AN INITIAL CERTIFICATE OF AUTHORITY UNDER THIS SUBTITLE
SHALL:

(1)    HAVE WORKING CAPITAL OF AT LEAST
$125,000; AND

(2)    MAINTAIN AT ALL TIMES AFTER ISSUANCE OF
ITS CERTIFICATE OF AUTHORITY UNENCUMBERED ASSETS WHICH
EXCEED ALL LIABILITIES BY AN AMOUNT OF $100,000.

REVISOR'S NOTE: This section presently appears as
Art. 48A, §336A.

The only changes are in style.

6-406. PRELIMINARY CERTIFICATE.

IF THE PURPOSES OF THE SOCIETY CONFORM TO THE