Chap. 308.—An ACT to incorporate the Commercial Insurance and
Savings Company of Petersburg.

Paseed February 24, 1866.

1. Be it enacted by the general assembly of Virginia, That
the persons who shall, as hereafter mentioned, become sub-
scribers to the capital stock, are hereby created and declared
to be a body politic and corporate, by the name and style of
The Commercial Insurance and Savings Company of Peters-
burg; and by that name, shall have perpetual succession;
and be able to sue and be sued, plead and be impleaded, ‘in
all courts in this state and elsewhere; and have a common
seal, and the same to alter and renew at their pleasure; to
make and ordain such ordinances and regulations, and gene-
rally to do every act and thing necessary to carry into effect
this act, or to promote the object and designs of this corpo-
ration.

2. The capital stock of said company shall not be less than
one hundred thousand dollars, to be divided into one thou-
sand shares of one hundred dollars each, with power to in-
crease the same to five hundred thousand dollars, whenever
a majority of stockholders in interest shall, in general meet-
ing assembled, determine so to do.

3. The capital stock shall be paid as follows: Ten dollars
on 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 Y. Russell, John E. Lemoine, Lemuel Peebles, T..
T. Broocks, John Lyon, Lewis Lunsford and F. E. Davis
shall be commissioners, any three or more of whom, after
giving notice thereof for ten days, shall open books in the
city of Petersburg, to receive subscriptions to the capital
stock of said company; which books shall not be closed in
less than fifteen days, unless the capital stock be sooner sub-
scribed. When it shall appear to the commissioners that
fifty thousand dollars of the capital has been subscribed and
paid, or secured to be paid, they shall call a general meeting
of the stockholders, at a certain time and place in said city,
to organize said company. from the time of such meeting,
the subscribers or stockholders shall stand incorporated, un-
less in the said meeting it be otherwise determined. In this
meeting, the stockholders present, in person or by proxy,
representing a majority of stock subscribed, shall proceed,
under the inspection of the commissioners, to choose seven
directors. The commissioners shall forthwith, upon the said
election, pay over, as the directors may order, all moneys by
them received from the subscribers to the capital stock ‘of
said company, and deliver up all books and papers in their
hands conccruing 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, ten dollars ou every share
by him subscribed.
5. The affairs of the said company shall be managed by a
president and seven directors, being stockholders (a majority
of whom shall constitute 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 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 hold shares in said
company. The directors to be elected under this act at the
first meeting of the company, shall continue in office until
the first Monday in May, eightcen hundred and sixty-seven,
or until others are chosen in their place. On which first
Monday in May, eighteen hundred and sixty-seven, and an-
nually thereafter, there shall be a general meeting of the
stockholders for the election of oflicers, and for such other
business as may come hefore them. At the first meeting
after every election, the directors shall choose from amongst
themselves or the stockholders at large, a president, and allow
him a reasonable compensation for his services; and in case
of the death, resignation or disqualification of the president
or any of the directors, the remaining directors may elect
others to supply their places for the remainder of the term
for which they were chosen.

6. The president and directors may appoint, and dismiss
at their pleasure, a secretary, and such other ofticers as may
be necessary for the transaction of the business of the com-
pany, and allow such compensation for their services as they
may think reasonable; and may, at their discretion, require
such secretary or other officers to enter into bond for the
faithful discharge of their duties.

7. Every stockholder, not in debt to the company, may, at
pleasure, in person or by attorney, assign his stock on the

ooks of the company, or part thereof, not being less than a
whole share; but no stockholder indebted to the company
shall assign or make a transfer of his stock, or receive a divi-
dend, until such debt is paid or secured to the satisfaction
of the board of directors.

8. The president and directors are authorized to make
insurance upon vessels, freights, merchandise, specie, bullion,
jewels, profits, commission, bank notes, bills of exchange,
and other evidences of debt, bottomry and respondentia
interest; and to make all and every insurance connected
with marine risks, and risks of transportation and navigation ;
to make insurance on dwellings, houses, stores and other
property, and merchandise, against loss or damage by fire; to
make insurance on lives; to grant annuities, and to make all
kinds of contracts for the insurance of every description of
property; to receive money on deposit, and to pay interest
thereon, as may be advantageous to the stockholders, at a
rate of interest not exceeding that allowed by law; to pro-
vide for investments of the capital stock and other funds, in
bank, state or other stocks; in the purchase of bonds issued
by this or any other state, or of the United States, and of
bonds of any incorporated company; to lend money upon
personal or real security; and to purchase or otherwise ac-
quire, to have and to hold, to convey and to sell, any real or
personal estate for the purpose of securing any debt or debts
that may be due to them, and for their own use and con-
venience: provided always, that nothing in this act shall be
construed to authorize said company to issue and put in cir-
culation any note of the nature of a bank note, or to own
more land than is necessary for an office building.

9. All policies of insurance and other contracts made by
the said company, signed by the president and countersigned
by the secretary, shall be obligatory on said company, and
have the same effect as if said policies and contracts had
been attested by a corporate seal.

10. The president and directors may declare semiannual
or other dividends 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 board, the capital stock
would be impaired thereby.

11. The president and directors may at any time, when

deemed necessary by them, call a general meeting of the
stockholders; and any number of stockholders, owning not
Jess than one-fourth of the whole number of shares, may re-
quire the president and directors to call such meeting; and
on their refusal to do so, may themselves call such mecting,
giving fifteen days’ notice thereof in one or more of the
newspapers published in the city of Petersburg.
' 12. The president and directors may appoint an agent in
any of the cities, towns or counties of this state, or else-
where, to receive offerings for insurance, and for the transac-
tion of such business of the company as may be confided
to him. |

13. The corporation hereby created shall be subject to the
provisions of the Code of Virginia, so far as the same are
applicable to, and not inconsistent with the provisions of this
act; and this act shall be subject to alteration, amendment
or repeal, at the pleasure of the general assembly.

_ 14, This act shall be in force from its passage.

Chap. 308.—An ACT to incorporate the Commercial Insurance and
Savings Company of Petersburg.

Paseed February 24, 1866.

1. Be it enacted by the general assembly of Virginia, That
the persons who shall, as hereafter mentioned, become sub-
scribers to the capital stock, are hereby created and declared
to be a body politic and corporate, by the name and style of
The Commercial Insurance and Savings Company of Peters-
burg; and by that name, shall have perpetual succession;
and be able to sue and be sued, plead and be impleaded, ‘in
all courts in this state and elsewhere; and have a common
seal, and the same to alter and renew at their pleasure; to
make and ordain such ordinances and regulations, and gene-
rally to do every act and thing necessary to carry into effect
this act, or to promote the object and designs of this corpo-
ration.

2. The capital stock of said company shall not be less than
one hundred thousand dollars, to be divided into one thou-
sand shares of one hundred dollars each, with power to in-
crease the same to five hundred thousand dollars, whenever
a majority of stockholders in interest shall, in general meet-
ing assembled, determine so to do.

3. The capital stock shall be paid as follows: Ten dollars
on 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 Y. Russell, John E. Lemoine, Lemuel Peebles, T..
T. Broocks, John Lyon, Lewis Lunsford and F. E. Davis
shall be commissioners, any three or more of whom, after
giving notice thereof for ten days, shall open books in the
city of Petersburg, to receive subscriptions to the capital
stock of said company; which books shall not be closed in
less than fifteen days, unless the capital stock be sooner sub-
scribed. When it shall appear to the commissioners that
fifty thousand dollars of the capital has been subscribed and
paid, or secured to be paid, they shall call a general meeting
of the stockholders, at a certain time and place in said city,
to organize said company. from the time of such meeting,
the subscribers or stockholders shall stand incorporated, un-
less in the said meeting it be otherwise determined. In this
meeting, the stockholders present, in person or by proxy,
representing a majority of stock subscribed, shall proceed,
under the inspection of the commissioners, to choose seven
directors. The commissioners shall forthwith, upon the said
election, pay over, as the directors may order, all moneys by
them received from the subscribers to the capital stock ‘of
said company, and deliver up all books and papers in their
hands conccruing 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, ten dollars ou every share
by him subscribed.
5. The affairs of the said company shall be managed by a
president and seven directors, being stockholders (a majority
of whom shall constitute 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 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 hold shares in said
company. The directors to be elected under this act at the
first meeting of the company, shall continue in office until
the first Monday in May, eightcen hundred and sixty-seven,
or until others are chosen in their place. On which first
Monday in May, eighteen hundred and sixty-seven, and an-
nually thereafter, there shall be a general meeting of the
stockholders for the election of oflicers, and for such other
business as may come hefore them. At the first meeting
after every election, the directors shall choose from amongst
themselves or the stockholders at large, a president, and allow
him a reasonable compensation for his services; and in case
of the death, resignation or disqualification of the president
or any of the directors, the remaining directors may elect
others to supply their places for the remainder of the term
for which they were chosen.

6. The president and directors may appoint, and dismiss
at their pleasure, a secretary, and such other ofticers as may
be necessary for the transaction of the business of the com-
pany, and allow such compensation for their services as they
may think reasonable; and may, at their discretion, require
such secretary or other officers to enter into bond for the
faithful discharge of their duties.

7. Every stockholder, not in debt to the company, may, at
pleasure, in person or by attorney, assign his stock on the

ooks of the company, or part thereof, not being less than a
whole share; but no stockholder indebted to the company
shall assign or make a transfer of his stock, or receive a divi-
dend, until such debt is paid or secured to the satisfaction
of the board of directors.

8. The president and directors are authorized to make
insurance upon vessels, freights, merchandise, specie, bullion,
jewels, profits, commission, bank notes, bills of exchange,
and other evidences of debt, bottomry and respondentia
interest; and to make all and every insurance connected
with marine risks, and risks of transportation and navigation ;
to make insurance on dwellings, houses, stores and other
property, and merchandise, against loss or damage by fire; to
make insurance on lives; to grant annuities, and to make all
kinds of contracts for the insurance of every description of
property; to receive money on deposit, and to pay interest
thereon, as may be advantageous to the stockholders, at a
rate of interest not exceeding that allowed by law; to pro-
vide for investments of the capital stock and other funds, in
bank, state or other stocks; in the purchase of bonds issued
by this or any other state, or of the United States, and of
bonds of any incorporated company; to lend money upon
personal or real security; and to purchase or otherwise ac-
quire, to have and to hold, to convey and to sell, any real or
personal estate for the purpose of securing any debt or debts
that may be due to them, and for their own use and con-
venience: provided always, that nothing in this act shall be
construed to authorize said company to issue and put in cir-
culation any note of the nature of a bank note, or to own
more land than is necessary for an office building.

9. All policies of insurance and other contracts made by
the said company, signed by the president and countersigned
by the secretary, shall be obligatory on said company, and
have the same effect as if said policies and contracts had
been attested by a corporate seal.

10. The president and directors may declare semiannual
or other dividends 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 board, the capital stock
would be impaired thereby.

11. The president and directors may at any time, when

deemed necessary by them, call a general meeting of the
stockholders; and any number of stockholders, owning not
Jess than one-fourth of the whole number of shares, may re-
quire the president and directors to call such meeting; and
on their refusal to do so, may themselves call such mecting,
giving fifteen days’ notice thereof in one or more of the
newspapers published in the city of Petersburg.
' 12. The president and directors may appoint an agent in
any of the cities, towns or counties of this state, or else-
where, to receive offerings for insurance, and for the transac-
tion of such business of the company as may be confided
to him. |

13. The corporation hereby created shall be subject to the
provisions of the Code of Virginia, so far as the same are
applicable to, and not inconsistent with the provisions of this
act; and this act shall be subject to alteration, amendment
or repeal, at the pleasure of the general assembly.

_ 14, This act shall be in force from its passage.