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 amount 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 2nd 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 in 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; provided, however, that all other corporations as aforesaid having a paid in capital stock of one hundred thousand dollars or less shall be required to 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 ten per centum of the paid in 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 ten per centum of the paid in capital stock of such corporation, but not less in any case than ten thousand dollars; which stocks 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 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.* 1904, art. 23, sec. 99. 1892, ch. 109, sec. 85F. 1906, ch. 118. 1908, ch. 385. 111. In case any 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 process 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 As to deposit of funds with State Treasurer by Surety Companies, see Vandiver vs. Poe, 119 Md. 348; Vandiver vs. Fidelity Savings Bank, 120 Md. 619. every day that such corporation attempts to transact business in this State without having complied with the requirements of Section 110 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. 1904, art. 23, sec. 100. 1892, ch. 190, sec. 85G. 1910. ch. 219. 112. 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. 101. 1892, ch. 109, sec. 85H. 1910, ch. 219. 113. 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. 102. 1892, ch. 109, sec. 851. 114. 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. 103. 1892, ch. 109, sec. 85K. 115. 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 This section was never intended to apply to banks, as will be seen by an examination of the Acts of 1892, ch. 109, which is found herein, beginning at section 106 of this Article. The Act of 1910, ch. 219, constituting the Articles entitled "Banks and Trust Companies," expressly repealed this section in so far as it applies to Trust Companies, † Vandiver vs. Fidelity Savings Bank, 120 Md. 619. 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. 1904, art. 23, sec. 104. 1892, ch. 109, sec. 85L. 1904, ch. 101. 116. The stockholders of every such safe deposit, trust and loan company or association shall be held individually responsible equally and ratably and not one for another, for all contracts, debts and engagements of every such corporation to the extent of the amount of their stock therein at the par value thereof, in addition to the amount invested in such stock. Persons having stock entered on the books of the corporation in their names as executor, administrator, guardian, trustee or pledgee shall not be personally subject to any liability on such stockholders, but the person pledging the stock and the estate and funds in the hands of such executor, administrator, guardian or trustee shall be subject to the liability imposed upon the holders of said shares. And the liability of such stockholders shall be an asset of the corporation for the benefit ratably of all the depositors and creditors of any such corporation, if necessary, to pay the debts of such corporation, and shall be enforceable only by appropriation proceedings by a receiver, assignee or trustee of such corporation acting under the orders of a Court of competent jurisdiction; provided, that this section shall not affect the rights or remedies of any creditor or depositor under the existing laws of this State against the stockholders of any such corporation, who were liable to any such creditor or depositor on March 30, 1908; and provided further, that nothing in this section shall be considered as a construction by the Legislature of the law hereby repealed.* 1904, art. 23, sec. 105. 1904, ch. 337, sec. 85L. 1. 117. The exclusive remedy for the enforcement against stockholders of all rights existing under the preceding section as said Murphy vs. Wheatley, 100 Md. 358; same case, 102 Md. 501. Mister vs. Thomas, 122 Md, 445-6-7. section stood before the repeal thereof by the Act of 1904, entitled "An Act to repeal Section 85L of Article 23 of the Code of Public General Laws, title 'Corporations,' sub-title 'General Regulations,' as enacted by the Acts of 1892, Chapter 109, and to re-enact the same with amendments," and existing at the time of the passage thereof, and which were declared by said Act not to be affected by the terms thereof, shall be, as against stockholders residing in the State of Maryland, by bill in equity in the nature of a creditors' bill filed against such stockholders by one or more creditors on behalf of themselves and all other creditors of the corporation who may come in and make themselves parties thereto, in a Court having jurisdiction within the limits of the county or the City of Baltimore, in which, as the case may be, the principal office of the corporation is situated at the time of the filing of the bill, or, in case any such corporation has, by reason of having been placed in the hands of a receiver, or from any other cause, ceased to have any principal office at the time of the filing of the bill, then the bill shall be filed in a Court having jurisdiction within the limits of the county or the City of Baltimore in which, as the case may be, the said corporation had its last principal place of business; and to any such bill stockholders residing beyond the limits of the State of Maryland may become parties defendant, and upon so becoming parties shall not be proceeded against in any other State or territory, or, in the District of Columbia, in respect of any liability imposed by the said Section 85L, as said section stood before the repeal thereof, and which existed at the time of the passage of the Act of 1904, herein before referred to. This section shall become operative as of January 1, 1903, and shall cause the abatement of all actions at law which shall have been brought against said stockholders since that date to enforce any liability created by Section 85L as said section stood before the repeal thereof, and which existed at the time of the passage of the Act of 1904 hereinbefore referred to; provided however, that as to any plaintiff or plaintiff's in any of said abated suits who shall within sixty days from the passage of this Act become a party or parties to a bill in equity of the character mentioned in this Section, then, as regards the operation of the statute of limitations upon the claims so sued on, the time elapsed between the institution of said abated suits |