Chap. 294.—An ACT to incorporate the Johnston Insurance Compary ot
Danville, Virginia.

Passed January 29, 1866.

1. Be it enacted by the general assembly of Virginia, That
the person or persons who shall, as hereatter mentioned, be.
come subscribers to the capital stock hereby created, and
such-as shall hereafter become subseribers or stockholders in
the said corporation, are hereby created and declared to be a
body politic and corporate, by the name and style of The
Johnston Insurance Company of Danville, Virginia; and by
that name and style, shall have all the rights. powers and
privileges conterred, and be subject to all the rules, regula-
tions and restrictions imposed by the Code of Virginia, and
all acts amendatory thereof. applicable to such a corporation,
and not. inconsistent with this act.
The capital stock of said company shall be one hundred
thoasand dollars, to be divided into ‘shares of fitty dollars
each, with power to increase the same to five hundred thou-
sand dollars, whenever a majority of the stockholders in in-
terest shall in general meeting asscinbled determine to do so.
3. The capital stock shall be paid in as follows: Five dol-
lars 6n each share, at the time of subscribing, shall be paid
to the commissioners hereinafter named; and the residue
thereafter, as may be required by the president and directors.
4. John M. Johnston, J. W. Holland, W. T. Sutherlin, J.
M. Walker, C. G. Holland, I. J. Bell, J. C. Voss, 8. H. Hol-
land, E. B. Ester and W. J. Crews shall be commissioners,
any three or more of whom, after giving notice thereof for
ten days, shall open books in the town of Danville, to receive
subscriptions to the capital stock of said company; which
books shall not be closed in less than ten days, unless the
eapital stock be sooner subscribed. When it shall appear to
the commissioners that twenty thousand dollars df the eapi-
tal stock has heen subseribed, they shall call a general meet-
ing of the steckholders, at a certain time and place in Dan-
ville, Virginia, to organize said company. From the time of
such meeting the stoc ‘holder s shall stand incorporated, unless
in the said~ mectine it be determined otherwise. At. this
meeting the stockholders (present in persen or by proxy)
representing a majority of the stock subseribed, shall pro-
ceed, under the inspection of the commissioners, to choose
five directors. The commissioners shall, forthwith after the
said clection, pay over, as the directors may order, all money
by them received from the subscribers to the capital stock of
said company, and deliver up all books and papers in their
hands concerning the same: provided, that no person shall
vote in such meeting, unless he shall have paid to the com-
missioners, or some one of them, five dollars on every share
by him subscribed.
® The affairs of the company shall be managed by a pre-
sident an five directors, being steckholders (a majority of
whom shall constitufe a quorum), who shall continue in office
one year from the time of their election. and until others are
elected in their stead; to be chosen by ballot, by a majority
of the votes of the stockholders present, in person or by
proxy. Each stockholder shall be entitled to as many votes,
at any meeting of the stockholders, as he may own shares in
said company. ‘The directors, to be elected at the first. meet-
ing under this act, shall continue in office until the first
Thursday in March, eighteen hundred and sixty-six, or until
others be chosen in their place. On which said Thursday in
March, eighteen hundred find sixty-six, and annually there-
after, there shall be a ceueral mecting of the stockholders
for the election of directors, and for sneh other business as
may come before them. At the first meeting atter the elec-
tion, the directors shall choose from among thymselves a pre-
sident, and allow him a reasonable compensation for hisser-
vices: and in case of death, resignation or disqualification
of the president. or any of the directors, the remaining di-
rectors may elect others to supply their place for the remain-
der of the term tor which they were chosen.

6. The president and directors may appoint and dismiss,
at their pleasure, a secretary and such other officers as nay
be necessary for the transaction of the business of the said
company, and ailow such compensation tor their services as
they may deem reasonable; and may require of such secre-
tary and other odicers to enter into bond for the faithiul dis-
charge of their duties.

7. Every stockholder net in debt to the company, may at
pleasure, In person or by attorney, assign his stock in the
books of the company, or any part thereof, not being less
than a whole share; hut no stockholder, indebted to the

company, shall assien or make a transtcr of his stoek, or re-
ceive a dividend, until such debt is paid, or sceured to the
satisfaction of the board of directors.

& The president and directors are authorized to make
insurance on vesscls, freiguts, merchandise, specie, bullion,
jewels, profits, commissions, bank notes, bills of exchange,
and other evidences of debt, bottomry and respondentia in-
terests, and to make all and cvery insurance connected with
marine risks and risks of transportation and navigation.

9. To make insurance on dwellings, houses, stores and
other kinds of buildings, and upon houschold furniture, other
than property and merchandise, against loss or damage by
fire.

10. ‘To make insurance on lives, and ayvainst accidents to
persons; to grant annuities; to enarantee the payment of
notes, bonds, ills of exchange; and to make all kinds of
contracts for the insurance of ever y description of property ;
to receive money on deposit, and to pay interest thereon, as
may be advantaveous to the stockholders; to provide tor the
investment of the funds of the company, in such manner as
may be deemed most bencficial, and to invest the same in
any stocks of anv kind, or loans, or otherwise, as may be
judged best for the interests of the company: previded, that
in no event shall the deposits be liable for the satisfaction of
any policy.

11. All policies of insurance, and other contracts made by
said company, signed by the president and countersigned by
the secretary, shall be oblizatory on said company, and have
the same effect as if the said policies and contracts had been
attested by a corporate seal.
12. The president and directors may declare semiannual
dividends out of the profits of the company, as they may
deem proper; but no dividend shall be declared when, in the
opinion of a majority of the beard. the capital stock would
be impaired thereby.

13. The president and directors may at any time, when
deemed necesagry by them. eall a general meeting of the
stockholders; and any number of stockholders, owning not
less than one-tourth of the whole number of shares, may

require the president and directors to call such meeting; and
on their refusal to do se, may themselves eall such meeting,
giving fitteen days’ notice thereof in one or more of the
papers published in the county of Pittsylvania,

l4. The president and directors may appoint an agent in
any of the cities, towns or counties of the state or elsewhere,
to receive offerines for insurance, and tor the transaction of
such business of the company as may be contided to him.

lo. This act shall be in force from its passage; subject to
amendment, modification or repeal, at the pleasure of the
general assembly.

Chap. 294.—An ACT to incorporate the Johnston Insurance Compary ot
Danville, Virginia.

Passed January 29, 1866.

1. Be it enacted by the general assembly of Virginia, That
the person or persons who shall, as hereatter mentioned, be.
come subscribers to the capital stock hereby created, and
such-as shall hereafter become subseribers or stockholders in
the said corporation, are hereby created and declared to be a
body politic and corporate, by the name and style of The
Johnston Insurance Company of Danville, Virginia; and by
that name and style, shall have all the rights. powers and
privileges conterred, and be subject to all the rules, regula-
tions and restrictions imposed by the Code of Virginia, and
all acts amendatory thereof. applicable to such a corporation,
and not. inconsistent with this act.
The capital stock of said company shall be one hundred
thoasand dollars, to be divided into ‘shares of fitty dollars
each, with power to increase the same to five hundred thou-
sand dollars, whenever a majority of the stockholders in in-
terest shall in general meeting asscinbled determine to do so.
3. The capital stock shall be paid in as follows: Five dol-
lars 6n each share, at the time of subscribing, shall be paid
to the commissioners hereinafter named; and the residue
thereafter, as may be required by the president and directors.
4. John M. Johnston, J. W. Holland, W. T. Sutherlin, J.
M. Walker, C. G. Holland, I. J. Bell, J. C. Voss, 8. H. Hol-
land, E. B. Ester and W. J. Crews shall be commissioners,
any three or more of whom, after giving notice thereof for
ten days, shall open books in the town of Danville, to receive
subscriptions to the capital stock of said company; which
books shall not be closed in less than ten days, unless the
eapital stock be sooner subscribed. When it shall appear to
the commissioners that twenty thousand dollars df the eapi-
tal stock has heen subseribed, they shall call a general meet-
ing of the steckholders, at a certain time and place in Dan-
ville, Virginia, to organize said company. From the time of
such meeting the stoc ‘holder s shall stand incorporated, unless
in the said~ mectine it be determined otherwise. At. this
meeting the stockholders (present in persen or by proxy)
representing a majority of the stock subseribed, shall pro-
ceed, under the inspection of the commissioners, to choose
five directors. The commissioners shall, forthwith after the
said clection, pay over, as the directors may order, all money
by them received from the subscribers to the capital stock of
said company, and deliver up all books and papers in their
hands concerning the same: provided, that no person shall
vote in such meeting, unless he shall have paid to the com-
missioners, or some one of them, five dollars on every share
by him subscribed.
® The affairs of the company shall be managed by a pre-
sident an five directors, being steckholders (a majority of
whom shall constitufe a quorum), who shall continue in office
one year from the time of their election. and until others are
elected in their stead; to be chosen by ballot, by a majority
of the votes of the stockholders present, in person or by
proxy. Each stockholder shall be entitled to as many votes,
at any meeting of the stockholders, as he may own shares in
said company. ‘The directors, to be elected at the first. meet-
ing under this act, shall continue in office until the first
Thursday in March, eighteen hundred and sixty-six, or until
others be chosen in their place. On which said Thursday in
March, eighteen hundred find sixty-six, and annually there-
after, there shall be a ceueral mecting of the stockholders
for the election of directors, and for sneh other business as
may come before them. At the first meeting atter the elec-
tion, the directors shall choose from among thymselves a pre-
sident, and allow him a reasonable compensation for hisser-
vices: and in case of death, resignation or disqualification
of the president. or any of the directors, the remaining di-
rectors may elect others to supply their place for the remain-
der of the term tor which they were chosen.

6. The president and directors may appoint and dismiss,
at their pleasure, a secretary and such other officers as nay
be necessary for the transaction of the business of the said
company, and ailow such compensation tor their services as
they may deem reasonable; and may require of such secre-
tary and other odicers to enter into bond for the faithiul dis-
charge of their duties.

7. Every stockholder net in debt to the company, may at
pleasure, In person or by attorney, assign his stock in the
books of the company, or any part thereof, not being less
than a whole share; hut no stockholder, indebted to the

company, shall assien or make a transtcr of his stoek, or re-
ceive a dividend, until such debt is paid, or sceured to the
satisfaction of the board of directors.

& The president and directors are authorized to make
insurance on vesscls, freiguts, merchandise, specie, bullion,
jewels, profits, commissions, bank notes, bills of exchange,
and other evidences of debt, bottomry and respondentia in-
terests, and to make all and cvery insurance connected with
marine risks and risks of transportation and navigation.

9. To make insurance on dwellings, houses, stores and
other kinds of buildings, and upon houschold furniture, other
than property and merchandise, against loss or damage by
fire.

10. ‘To make insurance on lives, and ayvainst accidents to
persons; to grant annuities; to enarantee the payment of
notes, bonds, ills of exchange; and to make all kinds of
contracts for the insurance of ever y description of property ;
to receive money on deposit, and to pay interest thereon, as
may be advantaveous to the stockholders; to provide tor the
investment of the funds of the company, in such manner as
may be deemed most bencficial, and to invest the same in
any stocks of anv kind, or loans, or otherwise, as may be
judged best for the interests of the company: previded, that
in no event shall the deposits be liable for the satisfaction of
any policy.

11. All policies of insurance, and other contracts made by
said company, signed by the president and countersigned by
the secretary, shall be oblizatory on said company, and have
the same effect as if the said policies and contracts had been
attested by a corporate seal.
12. The president and directors may declare semiannual
dividends out of the profits of the company, as they may
deem proper; but no dividend shall be declared when, in the
opinion of a majority of the beard. the capital stock would
be impaired thereby.

13. The president and directors may at any time, when
deemed necesagry by them. eall a general meeting of the
stockholders; and any number of stockholders, owning not
less than one-tourth of the whole number of shares, may

require the president and directors to call such meeting; and
on their refusal to do se, may themselves eall such meeting,
giving fitteen days’ notice thereof in one or more of the
papers published in the county of Pittsylvania,

l4. The president and directors may appoint an agent in
any of the cities, towns or counties of the state or elsewhere,
to receive offerines for insurance, and tor the transaction of
such business of the company as may be contided to him.

lo. This act shall be in force from its passage; subject to
amendment, modification or repeal, at the pleasure of the
general assembly.