Chap. 257.—An ACT to incorporate the Mount Vernon fire insurance
company of Alexandria, Virginia.

Approved February 24, 1888.

1. Be it enacted by the general assembly of Virginia, That
Frank E. Carbett, Samuel H. Lunt, George Uhler, Leonard
Marbury, Park Agnew, E. E. Downham, M. B. Harlow,
Fisher Brothers, Worth Heulfish, French Smoot, M. B.-Perry,
J. C. O’Neal, V. W. Power, Noble Lindsay, W. M. Reardon,
John per, Charles King and Son, A. W. Armstrong, James
R. Caton, Isaac Hichburg, Henry Schwarz, Charles EK. Stuart,
A. A. Warfield, H. Baader, Henry Strauss, John 8. Beach,
Frank 8. Harper, R. F. Tucker, George R. Hill, F. J. David-
son, H. A. Bowers, M. Ruben, Edward S. Leadbeater, Henry
Smott, Thomas Hoy, J. D. H. Lunt, L. Stabler, D. N. Rust,
W. C. Wibert, Charles T. Hellmuth, J. Johnston Green, L.
L. Uhbler, A. G. Uhler, William Murray, J. V. Davis, J. A.
Marshall, R. J. Daingerfield, J. C. Milburn, R. C. Powell,
Julian T. Burke, W. H. and J. W. May, George D. Hopkins,
William H. Barston, A. R. Williams, Max Luchs, Henry
Koltman, Thomas D. Bond, C. H. Schaaf, Frank Hume, and
C. F. Corbett, and such other persons as may hereafter be
associated with them, shall be and they are hereby incor-
porated and made a body politic and corporate under the
name and style of the Mount Vernon fire insurance company
of Alexandria, Virginia, and by the same name shall have
pereine succession, and shall be,.able,to sue and be sued,

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plead and be impleaded in all courts of law and equity in this
state and elsewhere, and to make and have a common seal,
and the same to alter, break, and renew at their pleasure; to
ordain and establish such by-laws and regulations, and gen-
erally to do every act and thing necessary to carry into effect
this act or to promote the object or design of this corpo-
ration.

2. Be it further enacted, That the capital stock of said |
company shall not be less than thirty thousand dollars or
more than one million dollars, to be divided into shares of
twenty-five dollars each, five dollars on each share subscribed
for, to be paid to the commissioners in cash, and upon the organ-
ization of the company, the residue to be secured by the bonds
of the subscribers, with security approved of by the board of
directors, the subscribers not to be entitled to the rights and
privileges of stockholders until such bonds and security be
given, or the whole amount of the subscription be paid.

3. Be it further enacted, That the stockholders who shall :
pay the whole amount of their subscriptions shall be entitled '
to receive such a per centum per annum of twenty dollars of
each share, until it be necessary, as hereinafter provided, to
call for the residue or any part thereof, secured by the bonds
of the stockholders, as the board of directors may allow.

4. Be it further enacted, That when any subscriber shall
fail to pay a portion or the whole of the sum secured by
bonds as aforesaid, within thirty days after the same shall
be called for and demanded by order of the board of direc-
tors to pay loss or losses, the same may be recovered of the
subscriber and his surety, by motion, upon ten days’ notice,
in the circuit or corporation court of the city of Alexandria,
and the sergeant of any city, or the sheriff of any county
may serve the notice of said motion upon the said subscriber
or his surety in any city or county in which either may
reside or in which they may be found. And in case of a non-
resident, by publication of said notice for ten days in some
newspaper publjshed in the city of Alexandria, Virginia.
And from the time the demand is made as aforesaid, the
stockholders who have paid the whole amount of subscrip-
tion shall cease to be entitled to interest on twenty dollars
of each share, as provided for in the third section of this act,
and shall only be entitled to interest on such amount of each |
share as shall remain uncalled for; and upon the return of
any execution issued upon-the judgment obtained as afore-
said, unsatisfied in whole or in part, every share of stock
held by such delinquents, and all the moneys which may
have been paid, or profits which may have arisen thereon;
shall be forfeited to the use of the said corporation, and the
holder or holders of such share or shares shall moreover be
liable for the remaining sums due or payable upon the said
shares whenever the same shall be called for by the board of
directors, the same to be recovered as hereinbefore provided.

5. Be it further enacted, That the affairs of the said com- |
pany shall be managed by a president, secretary, treasurer,

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and six directors, constituting the board of directors of the
said company, a majority of whom shall constitute a quorum,
being chosen by ballot by a majority of the stockholders
present in person or by proxy, each shareholder having as
many votes as he may hold shares; that the directors
elected at the first meeting under tnis act shall divide into
three classes by lot, of two each: those of the first class,
shall continue in office until the next annual meeting of the
company; those of the second class, shall serve until the
second annual meeting; and those of the third class, shall
serve until the third annual meeting; and there shall be at
each annual meeting of the company two directors elected to
succeed those whose term of office shall expire, who shall
serve for three years. The president, secretary, and treas-
urer shall be elected at each annual meeting of the company ;
that to constitute a meeting of the stockholders, whether
annnal or special, there must be present those who can give
one-third of all the votes which could be given by all the
stockholders ; all officers elected or appointed shall continue
in office until their successors are elected or appointed, and
on a failure to hold any election or elections as prescribed
by this act, this charter shall not, in consequence thereof, be
considered forfeited.

6. Be it further enacted, That the president and directors
of the said company shall have full power and authority to
make insurance against all kinds of marine risks, against
damage or loss by fire, or other liability, casualty, or hazard
incident to any and every description of property, whether
real, personal, or mixed; to make insurance on lives; to
grant annuities; to receive endowments; to contract for
reversionary payments; to discount and guarantee the pay-
ment of promissory notes, bills of exchange, or other evidence
of debt; to lend money on real estate or other security at
any rate ‘of interest not exceeding six per centum per
annum; and to receive money, make all kinds of contracts
in which the casualties of life are involved, to receive money
on deposit and pay interest thereon as may appear most
advantageous and beneficial to the stockholders.

7. Be it turther enacted, That the directors of said com-
pany shall have power to appoint and dismiss, at their
pleasure, all such officers, servants, and agents as they may
find necessary for the performance and execution of the
business of the said company, and allow them such compen-
sation as they may think proper; and in the case of the
absence, death, resignation, or disqualification of the presi-
dent, a president pro tempore shall be appointed, in such
manner as may be directed and prescribed by the by-laws of
said company; and in case of vacancies ogcurring in the
office of secretary or treasurer, or in the board of directors,
the remaining members shall have power to fill the same.

8. Be it further enacted, That no stockholder in said
company shall be held or made responsible for its debts and
liabilities in a larger or further sum than the amount of any

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unpaid balance due to the said company for stock subscribed
for by said stockholders.

9. Be it further enacted, That the persons named in the
first section of this act, any three of whom may act, shall be
commissioners, whose duty it shall be within thirty days
from the approval of this act, at some suitable place within
the city of Alexandria, to open books to receive subscriptions
to the capital stock of the saidscorporation; and five days’ |
public notice shall be given by the said commissioners of the
time and place for the opening of such books in one or more
newspapers printed in the said city, which books shall not
be closed for ten days. If it shall appear that more than two
thousand shares have been subscribed for, the said commis-
sioners shall reduce and proportion them among the sub-
scribers in fair and equal proportions to the amount of capi-
tal stock required; and the said commissioners shall give a
like notice for a meeting of the stockholders to choose a
president, secretary, treasurer, and six directors, and the
said commissioners shall be inspectors of the first election of
said officers and directors, and shall certify from under their
hands the names of those duly elected, and deliver over to
them all money received, and all the books and papers con-
nected with or belonging to said company.

10. Be it further enacted, That this act shall be and is
hereby made perpetual: provided nevertheless, that the gene-
tal assembly of Virginia reserves to itself the power of alter-
ing, amending, or repealing any of the powers thereof.

11. Be it further enacted, That this charter is granted
upon condition that the said company, its successors or
assigns shall pay its state taxes and licenses in legal tender
currency of the United States and not in coupons.

12. This act shall be in force from its passage.