Chap. 296.—An ACT to inevrporate the National Insuranee Company of
Virginia,

Passed Fotraary 12, 1866. .

1. Be it enacted by the General assembly of Virginia, That
J. Cabell, Hl. Howard, N.-H. Massie, A. P. Abell, 8. C.
Flannagan. W. PB. Farish, J.T. Randolph, Joseph Fite, P. 8.
Coles, J. Woods Gerth, Daniel Elarman, W. Edgar Garth,
B. H. Magruder, W. DD. Tart, Charles Hancock, J. B. Minor,
Charies Wood and J. J. Pace, and all other persons who may
be associated with them: under this act, are hereby created
and declared to be a body politic and corporate, by the name
and stvle of The National Insurance Company of Virginia;
and by that name, may sue and Le sued, plead and be im-
pleaded; make and have a cornmon seal, and alter and renew
the same at pleasure; contract and be contracted with; and
make by-laws and regnlations not inconsistent with the laws
oft this state and of the United States.

2- The satd company shail have power to make insurance
ariinst loss or damace by fire, or by anv other liability,
‘castuuty or hazard, upon any and every kind of property,
real, personal or mixed; to make ingurance upon lives, and
upon all marine risks, and risks of navigation and of trans-
portation by Tand or water; to receive money on deposit,
and to pay interest thereon; to grant annuities; to receive
endowments; to Jend money on bottomry and respon-
dentin: and to cause itself to be reinsured avainst all risks
upon the interest it may have in any property, lives, or other
subject matter, in its own richt, or bywirtue of any loans or
advances, or of any poliey or contract of insurance.

3. Phe company shall have power. to invest its capital,
stock, deposits and other funds in any stocks, in bonds of
this or any other state. or of the Umited States, or of any
incorporated company, or in any other property; to purchase
or discount bonds, notes or other paper, and to take discount
and interest in advance: and to lend money upon personal or
real security, at such rate of discount and imterest as may be
allowed by law; and to Duy, sell, draw or negotiate bills of
exchange; but the said company shall not issue or put in
circulation any notes of its own, in the nature of bank notes,
or as curreney; and it may call in ard pay its certificates of
deposit at pleasure.

4. The capital of the said company shall be titty thousand
dollars, divided into stares of one hundred dollars each: to
be paid at such times. and in such proportions as the presi-
dent. and directors shall preseribe: and if any subscriber
shail tnil to pay the sare within twenty days after it is so
enlled for, his stock, or so much as shall be necessary, may
be sold, and the proceeds anphed to the arrears dne; and if
that be not sufticient to yily the whole amount of the eall,
the residue for which he ts delinprent may be recovered by
motion, on twenty divs’ notice in writing, In any court of
record for the county or corporation where he may reside:
rovided, however, that the said company shall not commence
its business until at least twenty-five thousand dollars of its
capital has been actually paid in.

5. The affairs of the said company shall be managed by a
board of direetors, consisting of five members, including a
president, of whom three shall constitute a quorum. They
shall continue in office one year, and until their successors are
qualified, unless sooner removed, as they may be by a vote
of the stockholders in general meeting assembled: and in
case of a vacancy from any other cause, it shall be filled by
the remaining directors, or a legal quorum thereof, for the
remainder of the term. ‘They shall be elected by ballot from
among the stockholders, in general meeting assembled; and
the directors shall choose a president from their own body.

6. The board of directors may appoint, and at their plea-
sure remove a secretary, and such other officers as they may
deem expedient for the proper conduct of the company’s
business, taking bonds, with good security, in their discre-
tion, from any or all of them, conditioned for the faithful
performance of their respective duties; and shall prescribe
the compensation and duties of these and of the president.
They shall have power also to appoint, and at their pleasure
to remove agents in this state or elsewhere; and they may
make regulations, conformable to this charter, for the gov-
ernment of the company; subject to be changed or repealed
by the stockholders in general meeting.

7. The board of directors may from time to time declare,
out of the profits of the company, such dividends as they
shall deem proper, so as in no case to lessen the capital
stock of the company thereby; and they shall make and
publish, at the end of every half year, a statement showin
the condition of the company, and its investments an
liabilities.

8. No stockholder shall be liable for any loss, damage or
responsibility, beyond the shares held by him in the capital
stock, and any undivided profits arising thereupon which may
be unpaid thereon; but if indebted or liable to the company
as principal endorser, guarantor or otherwise, in any form of.
liability, he shall not be permitted to transfer his stock, or
any part thereof, or to receive a dividend until such debt or
liability is secured to the satisfaction of the board of direc-
tors; and if such debt or liability remain unpaid for three
months after it shall be due and payable, the board of direc-
tors may sell the stock belonging to the stockholder in de-
fault, or as much of it as may be necessary to satisfy the said
debt or liability.

9. General meetings of the stockholders shall be held an-
nually, at such time and place as the by-laws shall prescribe;
and they may be called specially when the board of directors
shall think proper, or when five stockholders, holding in the
aggregate as many as one hundred shares of stock, shall in
writing require: and in all meetings of the stockholders, a
majority of all the shares, represented in person, or by proxy
executed not more than sixty days before the meeting, shall
be a quorum for the transaction of business; but a less pro-
portion may adjourn from time to time; and each stockholder
shall be entitled to as many votes as he owns shares.

10. The persons named in the first section of this act shall
be commissioners, any three of whom may act, ¢o open books
of subscription to the capital stock of the said company, of
which ten days’ notice shall be given in some newspaper pub-
lished in the county of Albemarle; and the said books shall
remain open, to receive subscriptions, for ten days: and if, at
the expiration of the time limited, a larger amount shall ap-
pear to have been subscribed than fifty thousand dollars, the
subscription may be reduced in proportion to their several
amounts, util the aggregate shall be that sum: and in case
the subscriptions shall not amount to twenty-five thousand
dollars, the books may be kept open, or reopened, at the dis-
cretion of the commissioners. ‘The said commissioners shall
also, when the requisite amount of stock is subscribed for, fix
the time and place for a meeting of the stockholders to choose
directors, and give ten days’ notice thereof, and shall super-
intend the election. .

11. The stockholders, in general meeting, may from time
to time increase the capital stock of the said company, 80
that it shall not exceed five hundred thousand dollars..

12. This act shall be in force from its passage, and be sub-
ject to amendment, modification or repeal, at the pleasure ot
the general assembly.

Chap. 296.—An ACT to inevrporate the National Insuranee Company of
Virginia,

Passed Fotraary 12, 1866. .

1. Be it enacted by the General assembly of Virginia, That
J. Cabell, Hl. Howard, N.-H. Massie, A. P. Abell, 8. C.
Flannagan. W. PB. Farish, J.T. Randolph, Joseph Fite, P. 8.
Coles, J. Woods Gerth, Daniel Elarman, W. Edgar Garth,
B. H. Magruder, W. DD. Tart, Charles Hancock, J. B. Minor,
Charies Wood and J. J. Pace, and all other persons who may
be associated with them: under this act, are hereby created
and declared to be a body politic and corporate, by the name
and stvle of The National Insurance Company of Virginia;
and by that name, may sue and Le sued, plead and be im-
pleaded; make and have a cornmon seal, and alter and renew
the same at pleasure; contract and be contracted with; and
make by-laws and regnlations not inconsistent with the laws
oft this state and of the United States.

2- The satd company shail have power to make insurance
ariinst loss or damace by fire, or by anv other liability,
‘castuuty or hazard, upon any and every kind of property,
real, personal or mixed; to make ingurance upon lives, and
upon all marine risks, and risks of navigation and of trans-
portation by Tand or water; to receive money on deposit,
and to pay interest thereon; to grant annuities; to receive
endowments; to Jend money on bottomry and respon-
dentin: and to cause itself to be reinsured avainst all risks
upon the interest it may have in any property, lives, or other
subject matter, in its own richt, or bywirtue of any loans or
advances, or of any poliey or contract of insurance.

3. Phe company shall have power. to invest its capital,
stock, deposits and other funds in any stocks, in bonds of
this or any other state. or of the Umited States, or of any
incorporated company, or in any other property; to purchase
or discount bonds, notes or other paper, and to take discount
and interest in advance: and to lend money upon personal or
real security, at such rate of discount and imterest as may be
allowed by law; and to Duy, sell, draw or negotiate bills of
exchange; but the said company shall not issue or put in
circulation any notes of its own, in the nature of bank notes,
or as curreney; and it may call in ard pay its certificates of
deposit at pleasure.

4. The capital of the said company shall be titty thousand
dollars, divided into stares of one hundred dollars each: to
be paid at such times. and in such proportions as the presi-
dent. and directors shall preseribe: and if any subscriber
shail tnil to pay the sare within twenty days after it is so
enlled for, his stock, or so much as shall be necessary, may
be sold, and the proceeds anphed to the arrears dne; and if
that be not sufticient to yily the whole amount of the eall,
the residue for which he ts delinprent may be recovered by
motion, on twenty divs’ notice in writing, In any court of
record for the county or corporation where he may reside:
rovided, however, that the said company shall not commence
its business until at least twenty-five thousand dollars of its
capital has been actually paid in.

5. The affairs of the said company shall be managed by a
board of direetors, consisting of five members, including a
president, of whom three shall constitute a quorum. They
shall continue in office one year, and until their successors are
qualified, unless sooner removed, as they may be by a vote
of the stockholders in general meeting assembled: and in
case of a vacancy from any other cause, it shall be filled by
the remaining directors, or a legal quorum thereof, for the
remainder of the term. ‘They shall be elected by ballot from
among the stockholders, in general meeting assembled; and
the directors shall choose a president from their own body.

6. The board of directors may appoint, and at their plea-
sure remove a secretary, and such other officers as they may
deem expedient for the proper conduct of the company’s
business, taking bonds, with good security, in their discre-
tion, from any or all of them, conditioned for the faithful
performance of their respective duties; and shall prescribe
the compensation and duties of these and of the president.
They shall have power also to appoint, and at their pleasure
to remove agents in this state or elsewhere; and they may
make regulations, conformable to this charter, for the gov-
ernment of the company; subject to be changed or repealed
by the stockholders in general meeting.

7. The board of directors may from time to time declare,
out of the profits of the company, such dividends as they
shall deem proper, so as in no case to lessen the capital
stock of the company thereby; and they shall make and
publish, at the end of every half year, a statement showin
the condition of the company, and its investments an
liabilities.

8. No stockholder shall be liable for any loss, damage or
responsibility, beyond the shares held by him in the capital
stock, and any undivided profits arising thereupon which may
be unpaid thereon; but if indebted or liable to the company
as principal endorser, guarantor or otherwise, in any form of.
liability, he shall not be permitted to transfer his stock, or
any part thereof, or to receive a dividend until such debt or
liability is secured to the satisfaction of the board of direc-
tors; and if such debt or liability remain unpaid for three
months after it shall be due and payable, the board of direc-
tors may sell the stock belonging to the stockholder in de-
fault, or as much of it as may be necessary to satisfy the said
debt or liability.

9. General meetings of the stockholders shall be held an-
nually, at such time and place as the by-laws shall prescribe;
and they may be called specially when the board of directors
shall think proper, or when five stockholders, holding in the
aggregate as many as one hundred shares of stock, shall in
writing require: and in all meetings of the stockholders, a
majority of all the shares, represented in person, or by proxy
executed not more than sixty days before the meeting, shall
be a quorum for the transaction of business; but a less pro-
portion may adjourn from time to time; and each stockholder
shall be entitled to as many votes as he owns shares.

10. The persons named in the first section of this act shall
be commissioners, any three of whom may act, ¢o open books
of subscription to the capital stock of the said company, of
which ten days’ notice shall be given in some newspaper pub-
lished in the county of Albemarle; and the said books shall
remain open, to receive subscriptions, for ten days: and if, at
the expiration of the time limited, a larger amount shall ap-
pear to have been subscribed than fifty thousand dollars, the
subscription may be reduced in proportion to their several
amounts, util the aggregate shall be that sum: and in case
the subscriptions shall not amount to twenty-five thousand
dollars, the books may be kept open, or reopened, at the dis-
cretion of the commissioners. ‘The said commissioners shall
also, when the requisite amount of stock is subscribed for, fix
the time and place for a meeting of the stockholders to choose
directors, and give ten days’ notice thereof, and shall super-
intend the election. .

11. The stockholders, in general meeting, may from time
to time increase the capital stock of the said company, 80
that it shall not exceed five hundred thousand dollars..

12. This act shall be in force from its passage, and be sub-
ject to amendment, modification or repeal, at the pleasure ot
the general assembly.