An Act to amend and reenact § 46.1-299, as amended, of the Code of Virginia, relating to devices signalling intention to turn or stop and rules therefor.
Volume 1968 Law 99
Volume | 1865/1866 |
---|---|
Law Number | 305 |
Subjects |
Law Body
Chap. 305,—An ACT to incorporate the Virginia and North Carolina
Accident Insurance Company.
Passed February 14, 1866.
1. Beit enacted by the general assembly of Virginia, That
T. J. Corprew, Gilbert C) Walker, Porter Sherman, E. C.
Itobinson, C. C. Burruss, William H. C. Ellis, John R obinson
and C. L. Cole, and others who may associate under this act,
and their successors, are hereby created and declared to be a
body politic and corporate, by the name and style of The
Virginia and North Carolina Accident Insurance ‘Company :
and by the same name, shall have perpetual succession; shall
make and establish a common seal, with the privilege of al.
tering and renewing the same at pleasure; may sue and be
sued, “plead and be “imple: aded, in all the courts of law and
equity of this state and elsewhere; shall purchase, hold, lease
or sell property, real or personal : provided, however, tha
said company shall not own or hold more real estate than
shall be absolutely necessary for the erection of such build-
ings as may be necessary for the prosecution of the business
of said company: and shall ordain and establish and put into
execution such rules, by-laws, ordinances and regulations as
may be necessary and convenient fot the government and
organization of the corporation: and generally may do every
act and thing necessary to carry into effect this act, or to
promote the object and design of this corporation : provided
such acts be not inconsistent with the laws of this state or of
the United States.
2. ‘The capital stock of said company shall not be less than
two hundred thousand dollars, to be divided into shares of
one hundred dollars each; but privilege is hereby granted to
said company to increase their said capital stock from time to
time as it may deem best, in such manner as its president
and direetors may prescribe: provided the said capital shall
not exceed the sum of one million of dollars. Said capital
stock shall be payable by each subscriber at such tirae or
times as it may be called for by the president and directors
of said company, in such proportion as they may deem ne-
cessary ; and if any subseriber shall fail to pay the amount
so called for within twenty days after the same has been de-
manded, the said amount may be recovered by motion, upon
ten days’ notice, in any court of record in the county or cor-
poration wherein the delinquent stockholder resides.
3. The object and business of said company is prescribed
to be, the insuring of persons travelling by railroad, steam-
boat, stagecoach, or any other means ot conveyance, against
injury to body or loss of life, and against any accident or
injury oceurring in any manner whatsoever, upon such terms
as may be agreed upon by the contracting parties.
4. The funds of the company may be invested in real
estate, bank, state or other stocks: provided they shall not
acquire or hold, at any one time, more than ten thousand
acres of land: in bonds of this or any other state of the
United States, or of any incorporated company; in_bonds,
notes or bills drawn or accepted by private individuals, with
or without real estate security; or in any other manner which,
in the opinion of its president and directors, may be deemed
safe and expedient.
». The attairs of the company shall be managed by a board
of ten directors (five of whom shall constitute a quorum),
who shall be elected by the stockholders within six months
after the passage of this act, and shall continue in office « one
year, or until their successors are appointed.
G. The directors thus elected shall have power to elect one
of their number president of this company, and may further
appoint such other officers and clerks as they may find neces-
sary for the proper conducting of the business of the com-
pany, and shall allow them suitable compensation for their
services: all of which ofticers shall hold their places during
the pleasure of the board of directors: and said officers, so
appointed, shall not, by reason of their being stockholders in
said company, be incapacitated from giving evidence in any
suit in which raid company may be a party.
7. It shall be lawful for the company hereby incorporated
to establish branch offices or agencies within this state or
elsewhere, at such points as may be necessary to enable them
best to conduct their business; and the corporate seal of said
corporation shall be used at such agencies, under the directfon
of the president and directors, if deemed necessary.
8. Insurance may be effected for the benefit of cither the
insured, or for such persons or person as he or she may
indicate.
9. The president and directors may, out of the profits of
said company, declare such dividends as they may deem pro-
per. They shall annually make and publish a report showing
the condition of the company.
10. The members of the company shall not be liable for
any loss, damage or responsibility other than the property
they have in the capital and funds of the company, to the
amount of the shares respectively held by them, and any
profits arising therefrom not divided.
11. The persons named in the first section shall be com-
missioners to open books to receive subscription to the capi-
tal stock of said company, at such place or places as they
may deem proper. ‘Three days’ notice shall be given by said
commissioners of the time and place of opening said books,
in some newspaper published in the city of Norfolk; which
books shall not be closed in less than ten days from the time
of opening the same. A like notice shall be given by the
said commissioners for the time and place of the meeting of
the stockholders to choose directors. They shall supervise
the elections of the first board of directors, and shall deliver
over to them, when so elected, any property belonging to
said corporation that may have come into their hands.
12. This act shall be in force from its passage, and shall be
at all times subject to modification, alteration, amendment or
repeal, at the pleasure of the general assembly.
Chap. 305,—An ACT to incorporate the Virginia and North Carolina
Accident Insurance Company.
Passed February 14, 1866.
1. Beit enacted by the general assembly of Virginia, That
T. J. Corprew, Gilbert C) Walker, Porter Sherman, E. C.
Itobinson, C. C. Burruss, William H. C. Ellis, John R obinson
and C. L. Cole, and others who may associate under this act,
and their successors, are hereby created and declared to be a
body politic and corporate, by the name and style of The
Virginia and North Carolina Accident Insurance ‘Company :
and by the same name, shall have perpetual succession; shall
make and establish a common seal, with the privilege of al.
tering and renewing the same at pleasure; may sue and be
sued, “plead and be “imple: aded, in all the courts of law and
equity of this state and elsewhere; shall purchase, hold, lease
or sell property, real or personal : provided, however, tha
said company shall not own or hold more real estate than
shall be absolutely necessary for the erection of such build-
ings as may be necessary for the prosecution of the business
of said company: and shall ordain and establish and put into
execution such rules, by-laws, ordinances and regulations as
may be necessary and convenient fot the government and
organization of the corporation: and generally may do every
act and thing necessary to carry into effect this act, or to
promote the object and design of this corporation : provided
such acts be not inconsistent with the laws of this state or of
the United States.
2. ‘The capital stock of said company shall not be less than
two hundred thousand dollars, to be divided into shares of
one hundred dollars each; but privilege is hereby granted to
said company to increase their said capital stock from time to
time as it may deem best, in such manner as its president
and direetors may prescribe: provided the said capital shall
not exceed the sum of one million of dollars. Said capital
stock shall be payable by each subscriber at such tirae or
times as it may be called for by the president and directors
of said company, in such proportion as they may deem ne-
cessary ; and if any subseriber shall fail to pay the amount
so called for within twenty days after the same has been de-
manded, the said amount may be recovered by motion, upon
ten days’ notice, in any court of record in the county or cor-
poration wherein the delinquent stockholder resides.
3. The object and business of said company is prescribed
to be, the insuring of persons travelling by railroad, steam-
boat, stagecoach, or any other means ot conveyance, against
injury to body or loss of life, and against any accident or
injury oceurring in any manner whatsoever, upon such terms
as may be agreed upon by the contracting parties.
4. The funds of the company may be invested in real
estate, bank, state or other stocks: provided they shall not
acquire or hold, at any one time, more than ten thousand
acres of land: in bonds of this or any other state of the
United States, or of any incorporated company; in_bonds,
notes or bills drawn or accepted by private individuals, with
or without real estate security; or in any other manner which,
in the opinion of its president and directors, may be deemed
safe and expedient.
». The attairs of the company shall be managed by a board
of ten directors (five of whom shall constitute a quorum),
who shall be elected by the stockholders within six months
after the passage of this act, and shall continue in office « one
year, or until their successors are appointed.
G. The directors thus elected shall have power to elect one
of their number president of this company, and may further
appoint such other officers and clerks as they may find neces-
sary for the proper conducting of the business of the com-
pany, and shall allow them suitable compensation for their
services: all of which ofticers shall hold their places during
the pleasure of the board of directors: and said officers, so
appointed, shall not, by reason of their being stockholders in
said company, be incapacitated from giving evidence in any
suit in which raid company may be a party.
7. It shall be lawful for the company hereby incorporated
to establish branch offices or agencies within this state or
elsewhere, at such points as may be necessary to enable them
best to conduct their business; and the corporate seal of said
corporation shall be used at such agencies, under the directfon
of the president and directors, if deemed necessary.
8. Insurance may be effected for the benefit of cither the
insured, or for such persons or person as he or she may
indicate.
9. The president and directors may, out of the profits of
said company, declare such dividends as they may deem pro-
per. They shall annually make and publish a report showing
the condition of the company.
10. The members of the company shall not be liable for
any loss, damage or responsibility other than the property
they have in the capital and funds of the company, to the
amount of the shares respectively held by them, and any
profits arising therefrom not divided.
11. The persons named in the first section shall be com-
missioners to open books to receive subscription to the capi-
tal stock of said company, at such place or places as they
may deem proper. ‘Three days’ notice shall be given by said
commissioners of the time and place of opening said books,
in some newspaper published in the city of Norfolk; which
books shall not be closed in less than ten days from the time
of opening the same. A like notice shall be given by the
said commissioners for the time and place of the meeting of
the stockholders to choose directors. They shall supervise
the elections of the first board of directors, and shall deliver
over to them, when so elected, any property belonging to
said corporation that may have come into their hands.
12. This act shall be in force from its passage, and shall be
at all times subject to modification, alteration, amendment or
repeal, at the pleasure of the general assembly.