and re-deposit with the State Treasurer, under such rules and regulations for said exchange and deposit as he shall direct, the said company confining the said business of sale, disposition and exchange of said securities to either or all of said securities above named in this section; and the interest and profits accruing and made on said securities, and the sale or exchange thereof, shall be collected by and paid to said company.

Ibid, sec. 150. 1888, art. 23, sec. 117. 1868, ch. 471, sec. 101. 158. Any married woman, by herself and in her name, or in the name of any other person, with his assent, as her trustee, may insure in any life insurance company formed under the provisions of this Article, for her sole use, the life of her hus band for any definite period or for the term of his natural life; and in case she shall survive her husband, the sum or net amount of the insurance becoming due and payable by the terms of the insurance shall be payable to her and for her own use, free from the claims of the representatives of the husband or of any of his creditors; and in case of the death of the wife before the decease of the husband, the amount of the insurance may be made payable, after death, to her children for their use, and to their guardian if under age.

Ibid, sec. 151. 1888, art. 23, sec. 118. 1868, ch. 471, sec. 102.

159. It shall not be lawful for any insurance company incorporated under the laws of any other State of the United States, or by any foreign government, directly or indirectly, to take risks or transact any business of insurance in this State, unless possessed of the amount of actual capital required of similar companies formed under the provisions of this Article; and any such company desiring to transact any such business as aforesaid by an agent or agents in this State shall appoint such agent or gents, who shall reside in this State, and shall file in the office of the Clerk of the Superior Court of Baltimore City a certified copy of the vote or resolution of the directors appointing such agent, to be recorded at the cost of such agent in a book to be specially procured for that purpose; which appointment shall continue until some other agent shall be in like manner appointed in his place, and the appointment certified and recorded as aforesaid.

1914, ch. 707.

159A. Any two corporations, one of which is created and existing under the laws of this State, and one of which is created and existing under the laws of any other State or Territory of the United States, and each of which is organized for the purpose of undertaking the following classes of insurance: (1) Accident and health insurance; (2) insurance against loss or damage by reason of injuries to employes, or other persons, for which the insured is liable, and loss or damage to property 'caused by horses or vehicles for which the insured is liable; (3) fidelity and surety insurance and bonding; (4) burglary and theft insurance; (5) plate glass insurance; (6) steam boiler, fly-wheel and machinery insurance, including the liability of the insured for damage to persons or property of others; (7) loss or damage to automobiles (except by fire or when being transported in any conveyance by land or water) and legal liability for damage to property caused thereby; (8) sprinkler leakage insurance; or any two or more of said classes of insurance may merge or consolidate such corporations into one corporation in the name of one or more of the corporations. The corporations may enter into and make an agreement for such merger or consolidation under their respective corporate seals, perscribing its terms and conditions, the amount of its capital, which shall not exceed in amount the aggregate amount of capital of the merged or consolidated corporations, and the number of shares into which it is to be divided. Such agreement must be assented to by a vote of the majority of the num ber of directors of each corporation prescribed in its charter, and must be approved by the votes of stockholders owning at least two-thirds of the stock of each corporation represented to vote upon in person or by proxy at a meeting called specially for that purpose upon a notice stating the time, place and object of the meeting served at least thirty days previously upon each personally or mailed to him at his last known postoffice address, and also published at least once a week for four weeks successfully in some newspaper printed in the city, town or county where such corporation has its principal office, and there shall be endorsed upon the agreement the certificate of the secretaries of the respective corporations under the seals thereof to the effect that the same has been assented to by such

votes of directors and approved by such votes of the stockholders.

The Agreement shall contain a copy of the charter under which the business is to be conducted, which shall conform to the provisions of either one or more of the charters of the merging or consolidating corporations, and the continuance of said charter shall be for the time therein stated, not exceeding the longest unexpired time of the charter of one of the merging or consolidating corporations. The agreement may provide that one of the said consolidating corporations shall cease to exist and become merged into the other.

Every such agreement must have the approval of the Insurance Commissioner of this State, and of the official head of the Insurance Department of the State under which said foreign corporation is organized. Upon filing such agreement with said certificates of the secretaries, and the approval of the said Insurance Commissioner, and of the official head of the Insurance Department of said State or Territory, in the office of the Insurance Commissioner of Maryland and in the office of the said official head of the Insurance Department of such other State or Territory, and a certified copy thereof in the office of the Clerk of the county where the office of the said Maryland corporation is located, and in the office of the Clerk of the county where the office of said foreign corporation is located, the details of such agreement may be carried into effect as provided therein.

The corporation may require the return of the original certificates of stock held by each stockholder in each of the corporations to be merged or consolidated, and issue in lieu thereof new certificates for each number of shares of its own stock as such stockholder may be entitled to receive.

Upon such merger or consolidation all the rights, franchises and interest of the corporations so merging or consolidating in and to every specie of property and thing in action belonging to them, or either of them, shall be deemed to be transferred to and vested in the new corporation, without any other deed or transfer, and the new corporation shall hold and enjoy the same to the same extent as if the old corporations, or either of

them, should have continued to retain their titles and transact business.

The new corporation shall be authorized to receive from the official head of the insurance department of said other State or Territory any and all securities which under the laws of said State or Territory may have been deposited with him by any of said old corporations, provided said depository be authorized by the law of said State or Territory to transfer the same to said new corporation.

The new corporation shall succeed to all the obligations and liabilities of the old corporation, or any of them, and shall be held liable to pay and discharge all such debts and liabilities in the same manner as if they had been incurred or contracted by it. The stockholders of the old corporations shall continue subject to all the liabilities, claims and demands existing against them, or either of them, at or before said merger or consolidation. No action or proceeding pending at the time of consolidation in which any or all of the said old corporations may be a party shall abate or discontinue by reason of the merger or consolidation, but the same may be prosecuted to final judgment in the same manner as if the merger or consolidation had not taken place, or the new corporation may be substituted in place of any corporation so merged or consolidated by order of the Court in which the action or proceeding may be pending..

1904, art. 23, sec. 152. 1900, ch. 744, sec. 118A.

160. Every insurance company, foreign or domestic, shall conduct its business in this State its own proper or corporate name, and the policies and contracts of insurance issued by it shall be headed or entitled only by its proper or corporate name.

Ibid, sec. 153. 1888, art. 23, sec. 119. 1868, ch. 471, sec. 103.

161. Said company shall also file in said clerk's office, to be recorded as aforesaid, a certified copy of its charter, together with a statement under the oath of the president or vice-president and secretary, and to be renewed annually, in the month of January of each year, setting forth the name of the company and the place where located, the amount of capital and the amount actually paid in, with a detailed statement of its assets

and its indebtedness, the amount of losses adjusted and unpaid the amount incurred and in process of adjustment, and any other claims existing against the company; and in the case of life insurance companies, the said certificate shall contain a statement, under the oaths of said certifying officers, that the said company has invested in good securities, naming them, an amount equal to that required of similar companies authorized to be incorporated under this Article, and that such securities are held in trust, and by whom, for the benefit of persons who may effect insurance in said company. Any person who shall act as agent of any insurance company which has not complied with the provisions contained in this section shall be subject to a penalty of five hundred dollars for every day he shall so act, to be recovered as other fines and penalties are recovered in this State, one-half to the use of the informer and one-half to the use of the State.

1912, art. 23, sec. 162. 1904, art. 23, sec. 154. 1890, ch. 254, sec. 119A. 1912, ch. 102, sec. 154 (p. 209).

162. No insurance company doing business in this State shall make or permit any discrimination or distinction in favor of individuals of the same class, and equal expectation of life in the amount of premiums or rates charged for policies of life or endowment insurance,or for policies insuring persons against accidental bodily injury, or in any of the terms and conditions of the contracts it makes, as an inducement of such insurance. Nor shall any such company, or any officer, agent, solicitor or representative thereof or any insurance broker,pay,allow or give or offer to pay, allow or give, directly or indirectly, as inducement to such insurance or after the insurance shall have been effective, any rebate from the premium which is specified in the policy; nor shall the insured, his agent or representative, directly or indirectly, accept or knowingly receive, any rebate from the premium specified in the policy, or any special favor or advantage in the dividends or other benefits to accrue thereon, or any paid employment or contract for services of any kind, or any special advantage in date of policy or age of issue, or any valuable consideration whatever, not specified in the policy. Nor shall any such company, or its representative, procure for any person applying for insurance, or for any person acting in collusion with him in seeking to avoid the penalty prescribed