pany in force; provided, that each loan is less than the net reserve of the policy on which the loan is made, according to the standard of valuation prescribed in this Article; and provided, that the current market value of such pledged securities, other than the bonds and stocks of this State, or of the United States, shall be at all times during the continuance of such loans, at least ten per cent. more than the sum loaned on them; and all such loans shall be subject to the power of the company to terminate the same in case of the depreciation of the securities below that limit; and provided, that in all investments made upon mortgage securities, the evidence of the debt shall accompany the mortgage or deed of trust; and the Insurance Commissioner shall have the authority, when any of the securities mentioned in this section and held by any insurance company reporting to him are of doubtful market value, or without any ascertainable value in the exchange, to cause the same to be appraised by two disinterested and competent persons, whose estimate of the value of such securities shall be taken to be the value thereof, unless the company, by placing some of them upon the market, and obtaining a bona fide offer therefor, shall so establish for them a different value.

1904, art. 23, sec. 2187. 1888, art. 23, sec. 137. 1860, art. 56, sec. 35. 1858, ch. 432, sec. 8. 1872, ch. 388. 1874, ch. 400. 1876, ch. 248. 1878, ch. 106.

204. Whenever the Attorney-General of the State or the State's Attorney for the City of Baltimore or for any county of this State shall be required by the Insurance Commissioner to institute proceedings against any insurance company, incorporated under the laws of this State, to ascertain whether such corporation has been guilty of such misuse, abuse or non-user of its corporate powers and franchises, as by law would authorize and make proper the forfeiture of its charter, corporate powers and franchises, the said Attorney-General, or State's Attorney, as the case may be, so required, shall file with the Superior Court of Baltimore City, or the Circuit Court for the county, as the case may be, a petition in the name of the State, setting forth fully in detail the alleged abuse, misuse or non-user, by reason whereof the forfeiture is sought; and upon the filing of such petition, the Court in which it is filed, or any judge there

of, shall lay a rule requiring the said company or corporation to show cause, within such time as the said judge may deem proper, why a decree of forfeiture should not be passed as prayed in said petition; a copy of which rule, and the petition shall be served on the president, manager, secretary, or some other officer of the said company or corporation, by a day to be therein limited, not exceeding twenty days, as other processes against such companies or corporations are directed to be served; and further proceedings shall be had in said cause in conformity with the provisions of this Article.

Ibid, sec. 188. 1888, art. 23, sec. 138. 1860, art. 56, sec. 36. 1858, ch. 432, sec. 8. 1872, ch. 388. 1874, ch. 400. 1876, ch. 248.

1878, ch. 106. 1894, ch. 175.

205. Any person or persons, or any company or association, violating any of the provisions of Sections 175, 176 and 178 to 204, inclusive, of this Article, shall be subject to a fine of not less than one hundred dollars, nor more than one thousand dol lars, which fine shall be collected as all other fines imposed by the laws of this State are now collectible; provided, that when, by the laws of any other State, any deposit of money or securities is required, or taxes, fines or penalties or other obligations or prohibitions are imposed upon insurance companies incorporated or organized under the laws of this State, and transacting business in such other State, or upon the agents of such in surance companies, greater than those required or imposed by the laws of this State, so long as such laws continue in force, the same taxes, fines, penalties and deposits, obligations and prohibitions shall be imposed upon all agents or insurance companies of such State, doing business in this State, instead of those described by the laws of this State. Any deposit of money or securities required by this section shall be made with the Treasurer of this State, and it shall be the duty of the Treasurer to assign and change, or surrender any such securities so held by him, upon the joint application of the Insurance Commissioner and the company to which they belong. And the Treasurer shall make no transfer of such securities except upon such joint application of the Insurance Commissioner and the company by whom they have been deposited, and all such transfers must be countersigned by the Insurance Commissioner.

1904, art. 23, sec. 189. 1888, art. 23, sec. 139. 1880, ch. 387.

1914, ch. 376.

206. The Insurance Commissioner shall, annually, at the time of issuing a license to each insurance company doing business in this State, publish an abstract of the annual statement required by this Article, of each insurance company doing business in this State, once a week for three consecutive weeks, in a daily newspaper published in the City of Baltimore, except that in case of insurance companies of this State having their principal office in one of the counties of this State, the newspaper selected for such publication must be published in the county where such company is located; the companies shall, in addition, publish in another paper, said abstract, three consecutive times; and the Insurance Commissioner and the company shall cause the first appearance of the publication of the abstract of all companies prior to the first day of April; and the actual net cost of said publication by the Insurance Commissioner he is hereby authorized to collect from each company, abstract of whose statement is so published by him; and provided, also, that any corporation, association, partnership or individual doing a life insurance business in this State on the cooperative or mortality assessment plan, shall not be subject to the provisions of sub-sections second, third, fourth, fifth and eighth of Section 160 and of Section 186 of this Article, nor to any other provisions of this Article not applicable to the cooperative plan, but shall in all other respects comply with the provisions of this Article and any amendments thereto.

Ibid, sec. 190. 1888, art. 23, sec. 140. 1874, ch. 9.

the

207. Any insurance company, incorporated under the laws of any other State, may acquire by purchase, or any other manner, and take, receive, hold, use, employ, manage, dispose of, or deal with, any property, real, personal or mixed, and situate in the State of Maryland, which may be necessary or proper to enable any of said insurance companies to erect buildings for office or business purposes, or to enable any of said insurance companies to foreclose any mortgages that may be due said companies for loans made; provided, that all transactions, as herein permitted, shall be in accordance with the laws now in

force regulating such transactions on the part of insurance companies incorporated under the laws of this State; all laws of this State, regulating and providing for the purchase and holding of real estate by insurance companies of this State shall be construed to bear with equal effect in law upon companies of other States, purchasing or holding real estate in the State of Maryland.

1904, art. 23, sec. 191. 1888, art. 23, sec. 141. 1884, ch. 500.

208. Any company, association, partnership or corporation granting insurance on the lives of persons under the age of ten years, and doing business in the State of Maryland, or issuing policies on the lives of residents of this State, must value all its policies issued on the lives of persons under the age of ten years, in accordance with the general legal rules for the valuation of life insurance policies based on the mortality table known as Farr's No. 3, for males; provided, that in no case the valuation for the said policies on the lives of persons under ten years of age shall be less than eight-tenths of the weekly gross or office premiums thereon, with no credit deferred net premiums.

Ibid, sec. 193. 1898, ch. 308, sec. 141B.

209. Any insurance company organized and incorporated on the mutual plan, under the laws of this State and other States for the purpose of insuring against loss or damage resulting from burglary or robbery or attempt thereat and securing against the loss of money or securities in course of transportation when shipped by registered mail, shall be authorized, admitted and licensed to do business in this State, as provided in the two succeeding sections.

Ibid, sec. 193. 1898, ch. 208, sec. 1413.

210. Before any such company shall be authorized to transact business in this State, it shall have in force one thousand or more policies on which the premium shall have been paid in cash or shall have been evidenced by written contracts on which not less than one-fifth of the amount shall have been paid in cash, and the cash contracts for premiums shall amount in the aggregate to the sum of not less than one hundred thousand

dollars. The premium contract shall constitute a part of the assets of the company.

Ibid, sec. 194. 1898, ch. 308, sec. 141c.

211. Policyholders of any company organized and admitted to transact business in this State under the two preceding sec-· tions shall be held liable to pay the membership fee and premium on their insurance as paid or contracted to be paid at the time the policy is taken out, and shall not be held for any other or further assessments or claims on the part of the company or its policyholders. The membership fee and premium agreed upon may be collected in cash at the time the policy is issued, or be evidenced by a written obligation of the policyholder. Such payment or obligation shall be the limit of the liability of the policyholder to the company for premium on the insurance. 1904, art. 23, sec. 195. 1888, art. 23, sec. 142. 1884, ch. 500. 212. No company, association, partnership or corporation of this State, or any other State or nation, granting insurance on the lives of persons under ten years of age, shall be authorized to do business in the State of Maryland, unless it complies with the provisions of this Article.

Ibid, sec. 196. 1894, ch. 662, sec. 142A.

213. Whenever the application for a policy of life insurance contains a clause of warranty of the truth of the answers there in contained, no misrepresentation or untrue statement in such application, made in good faith by the applicant, shall effect a forfeiture or be a ground of defense in any suit brought upon any policy of insurance issued upon the faith of such application, unless such misrepresentation or untrue statement relate to some matter material to the risk.*

* Etna Life Ins. Co. vs. Millar, 113 Md. 686; Mutual Life Ins. Co. vs. Mullan, 107 Md. 457; Mutual Life Ins. Co. vs. Rain, 108 Md. 353; Monahan vs. Mutual Ins. Co., 103 Md. 145.

Ibid, sec. 197. 1894, ch. 662, sec. 142B.

214. Whenever it shall be made to appear that a wrong age has been given in good faith in any application for a policy of life insurance the company shall not be required to pay the face value of the policy, but such sum as the premium paid would