value, and estimated market value of all stock investments, designating each particular kind of stock; the amount loaned upon the pledge of securities of whatsoever kind, with a statement of the securities so pledged and held as collateral for such loans; the amount invested in real estate, giving the cost of the same; the amount of cash on hand and on deposit in bank, or wheresoever else, with the name of such banks or places of deposit, and the amount deposited in each, and such other information as the said treasurer may require; such report shall also state all the liabilities of such corporation, the amount due depositors, which shall include any dividend to be credited to them and any other debts or claims against such corporation which are or may be a charge upon its assets. And the said treasurer may require that a like report, either wholly or in part, as to the particulars aforesaid, be made to him at any other time by any such corporation aforesaid within such period as he may designate.

1892, ch. 109, sec. 85B.

95. It shall be the duty of said treasurer, yearly, either personally or by some competent person or persons, to be appointed by him, to visit and examine every such corporation having an office or place of business in this State required by section 94 to report as aforesaid. The said treasurer and every such examiner shall have power to administer an oath to any person whose testimony may be required in the prosecution of any such examination, and all books and papers which it may be deemed necessary to examine by the treasurer or examiner by him appointed shall be produced. The expenses of every such examination, not to exceed twenty-five dollars, shall be paid by the corporation so examined. Whenever such examination shall be made by the treasurer personally, or by one or more of the regular clerks in his office, no charge shall be made for such examination, but only for necessary traveling and other actual expenses incurred by such examination.

Ibid. sec. 85c.

96. On every such examination, inquiry shall be made as to the condition and resources of the corporation generally, the

mode of conducting and managing its affairs, the action of its officers, directors, managers, and those having charge of its business conduct, the investments of its funds, the safety and prudence of its management, the security afforded to those by whom its engagements are held and whether the requirements of its charter and of the law have been complied with in the administration of its affairs.

1892, ch. 109, sec. 85D.

97. If it shall appear to the said treasurer from any such examination, as hereinbefore provided for, that any of said corporations has violated its charter, or the law pertaining to the same, or is conducting business in an unsafe or unauthorized manner, he shall, by an order under his hand and seal of office, addressed to such corporation, direct the discontinuance of such illegal or unsafe practices and require said corporation to act in conformity with the requirements of its charter and of law, and insist upon safety and security in its transactions; and whenever any such corporation shall refuse or neglect to make such report as hereinbefore required, or to comply with any such order as aforesaid; or whenever it shall appear to said treasurer that it is unsafe or inexpedient for any such corporation to continue to transact business, he shall communicate the facts to the attorney-general who shall thereupon be authorized to institute such proceedings against any such corporation as are now or may hereafter be provided by law.

Ibid. 1896, ch. 160, sec. 85E.

98. Every such corporation transacting as part of its business the security or guarantee business shall, within six months from the 2d of April, 1896, and from time to time thereafter, if need be, transfer and assign to the said treasurer registered public stock of the United States or of the State of Maryland, or of Baltimore city, or the bonds of any county or municipal corporation of this State, which shall be approved by said treasurer to the amount in value of one hundred thousand dollars, and said amount shall be at all times maintained by said corporation; which stock must be registered in the name of said treasurer, officially, as held in trust under and pursuant

to this section, and the same shall be held by said treasurer in trust as security for all the holders of policies or guarantees of said corporation; provided, however, that no such corporation incorporated under any law of any other State, district or territory, the United States or any foreign country, shall be required to make the deposit above set forth with the treasurer of this State if said corporation shall have made with the insurance commissioner, treasurer or other proper officer of any State, district or territory in the United States, a deposit in the amounts as above set forth, of any securities as shall have been approved by the proper officer where made, for the benefit of all the holders of policies or guarantees of said corporation, as above set forth, and a certificate thereof under the hand and official seal of said proper officer shall have been filed with said treasurer; and all other corporations mentioned in section 94, not transacting as part of their business the security or guarantee business shall, within six months from the 2d of April, 1896, and from time to time thereafter, if need be, transfer and assign to the said treasurer, registered public stock of the United States, or of the State of Maryland, or of Baltimore city, or the bonds of any county or municipal corporation of this State which shall be approved by said treasurer to the amount in value of fifteen per centum of the paid-up capital stock of such corporation, and said amount shall be at all times maintained by said corporation, so that the amount of such stock in the hands of said treasurer shall at all times be equivalent, at its par value, to fifteen per centum of the paid-up capital stock of such corporation, but not less in any case than thirty thousand dollars; which stocks must be registered in the name of the said treasurer, officially, as held in trust under and pursuant to this section, and the same shall be held by the said treasurer in trust as security for the depositors with, or creditors of said corporation; and all of the said stocks so held in trust by the said treasurer and deposited by any of the corporations above named, either transacting the security or any other class of business, shall be held by said treasurer subject to sale and transfer, and to the application of the proceeds of such sale by the said treasurer only on the order of any court of competent jurisdiction, and until the

order of such court authorizing such sale or transfer, or otherwise to the contrary, said treasurer shall pay over to such corporation the interest which may be received on the said securities, or he may authorize the said corporation to collect and receive the same for its own benefit. Should any such corporation at any time have deposited with said treasurer more than the amount hereby required, such excess may be refunded.

1908, ch. 385.

99. In case any such corporation, now or hereafter doing business in this State, shall refuse or neglect to make the deposit with the State Treasurer, as hereinbefore provided for in this article, the said Treasurer shall immediately cause to be published on three consecutive days in two daily newspapers, one published in Baltimore city, and one published in the city or county wherein said corporation has or should have its principal office, a notice informing the public that such corporation has not complied with the law, and is therefore conducting business without legal authority so to do. And the cost of publishing such notices shall be paid by the corporation named in the notice. The Treasurer shall also promptly report the facts in any such case to the Attorney General, who shall thereupon institute proceedings to enjoin and restrain such corporation, if it be organized under the laws of this State, from transacting any business, and if it be organized under the laws of any other State or of a foreign country from transacting business in this State, and the court before which such proceedings shall be begun shall be authorized to pass such order or decree and to issue such proceeds in the premises to enforce the compliance of such corporation with the provisions of this article, or to restrain the transaction of business by such corporation in this State as it may deem proper. For each and every day that such corporation attempts to transact business in this State without having complied with the requirements of Section 98 of this article, it shall forfeit to the State of Maryland the sum of one hundred dollars, said sum to be collected as any other debt by an action of debt in the name of the State. Nothing in this section shall apply to national banks.

1892, ch. 109, sec. 85G.

100. The amount of money which any corporation shall have on deposit, or hold in trust, or loan at any time, shall not exceed ten times the amount of its paid-up capital and surplus, and its outstanding loans shall not at any time exceed said amount; but any such corporation authorized to receive court deposits may, at any time, receive on deposit and loan out any money which may be deposited with it by order of any of the courts of this State, notwithstanding such limitation.

Ibid. sec. 85H.

101. Any wilful false swearing, relative to the report and examination hereinbefore provided for, by any person shall be deemed perjury, and be subject to the prosecutions and punishments for that offense now or hereafter provided for by law.

Ibid. sec. 851.

102. Whenever it shall be proven to the satisfaction of said treasurer that any such corporation has surrendered its charter or ceased to do business in this State, and has liquidated all its indebtedness to depositors and creditors, he shall surrender to such corporation any deposit which may be so held by him in trust for the benefit of the depositors and creditors of any such corporation.

Ibid. sec. 85K.

103. It shall be the duty of said treasurer to report to the General Assembly, at each regular session, a summary of the state and condition of every trust or other corporation required to report to him or to be by him examined; and such summary shall give the date to which such reports refer, the amount of capital held by each of said corporations, the whole amount of its debts and liabilities, the total sum of its resources and such other information as he may deem useful. Any corporation making the reports and deposits herein provided for shall not be required to make any report to or submit to any examination by the insurance commissioner.

1908, ch. 153.

104. The stockholders of every such safe deposit, trust and loan company or association shall be held individually respon