HARRY HUGHES, Governor

1979

(II) CONTINUES, IF THE LICENSEE DIES,
DISSOLVES, OR LIQUIDATES, AS TO ALL TRANSACTIONS OF AN
AGENT, UNTIL THE EARLIER OF 60 DAYS AFTER THE DEATH,
DISSOLUTION, OR LIQUIDATION OR 60 DAYS AFTER THE TERMINATION
OF THE BOND.

(5) A LICENSEE OR SURETY MAY CANCEL A BOND BY
GIVING THE BANK COMMISSIONER NOTICE OF THE CANCELLATION BY
REGISTERED MAIL, RETURN RECEIPT REQUESTED. HOWEVER, THE
CANCELLATION IS NOT EFFECTIVE UNTIL 30 DAYS AFTER THE BANK
COMMISSIONER RECEIVES THE NOTICE.

(c) (1) [Securities] PERMISSIBLE INVESTMENTS deposited
under this section shall [consist of:

(i) General obligations of or obligations
fully guaranteed by the United States; or

(ii) Direct general obligations of this
State.

(2) The securities shall]:

(i) Have a market value equal to the
amount required by subsection (d) of this section; and

(ii) Be held by the Bank Commissioner to
secure the same obligations as are required to be secured by
a bond under subsection (b) of this section.

(2)  [(3)] At any time, a licensee may exchange
deposited [securities] PERMISSIBLE INVESTMENTS for other
[securities] PERMISSIBLE INVESTMENTS that meet the
requirements of this subsection.

(3)  [(4)] The Bank Commissioner may sell or
transfer deposited [securities] PERMISSIBLE INVESTMENTS and
dispose of their proceeds only on the order of a court of
competent jurisdiction.

(4)  [(5)] As long as a licensee is solvent, the
licensee is entitled to receive any interest or dividends
earned by the deposited [securities] PERMISSIBLE
INVESTMENTS.

(5)  [(6)] The Bank Commissioner may place the
deposited [securities] PERMISSIBLE INVESTMENTS in the
custody of any qualified trust company or national banking
association in this State. The licensee shall pay the
compensation of this custodian.

(d) (1) The amount of the bond to be filed with the
Bank Commissioner or the fair market value of the
[securities] PERMISSIBLE INVESTMENTS to be deposited with
the Bank Commissioner shall be[:

(1) For all or part of the first license year,
$50,000; and