Chap. 309.—An ACT to incorporate the Insurance and Savings Company
of Virginia.

' Pasred February 28, 1866.

1. Be it enacted by the general assembly of Virginia, That
Daniel J. Hartsook, William A. Spence, John Enders, Wil-
liam G. Taylor, J. E. Claggett, George J. Sumner, William
B. Isaacs, William G. Paine, John B. Davis, George S. Pal-
mer, A. Y. Stokes, John C. Williams and others, who may
associate under this act, are hereby created and declared to
be a body politic and corporate, by the name and style of
The Insurance and Savings Company of Virginia; and by
that name, may sue and be sued, plead and be impleaded, in
all the courts of law and equity in this state or elsewhere;
and have perpetual succession; to have, make and use a com-
mon seal, and the same to break, alter or renew at their
pleasure; to ordain and establish such by-laws, ordinances
and regulations as they may think wise; and generally to do
every act and thing necessary to carry into efiect this act, or
to promote the object or design of this corporation: pro-
vided, that such by-laws, ordinances, regulations or acts be
not inconsistent with the laws of this state or of the United
States. |

2. To make insurance upon dwellings, houses, stores and
all other kinds of business in town or country, and upon
household furniture, merchandise and other property, against
loss or damage by fire; to make insurance on lives; to cause
themselves to be reinsured, when deemed expedient, against
any risk or risks upon which they may have made or may
make insurance; to grant annuities; to receive endowments;
to make insurance upon vessels, freights, goods, wares, mer-
chandise, specie, bullion, profits, commissions, bank notes,
bottomry and respondentia interests; and to make all and
every insurance connected with marine risks and risks of
transportation and navigation.

3. To receive money on deposit, and grant certificates
therefor, in accordance with the conditions set forth in sec-
tions four and five, chapter fifty-nine of the Code of Virginia;
but in na case are such deposits, or the certificates therefor,
to be held liable to make good any policy of insurance issued
by this company, or any other contract made by it; to bor-
row money, and execute notes for the same.

4. The funds of this company, however derived, may be
invested in or lent on any stock or real security, or be used
in purchasing or dixcounting bonds, bills, notes or other pa-
per: provided, that the rate of interest shall be one-half of
one per centum for thirty days, omsuch other rate as may be
lawful and proper at the time of the transaction; but the
interest in any case may be paid in advance.

5. The capital stock of said company shall not be less than
fifty thousand dollars nor more than one million dollars, to
be divided into shares of one hundred dollars each. The
said capital shall be payable by each subscriber, at such time
or times and in such proportion as it may be called for by
the president and directors: and if any such subscriber shall
fail to pay the same so called for upon each and every share
so held, within twenty days after the same has been so called
for, then the amount so called for may be recovered, by
motion, upon twenty days’ notice in writing, in any court of
record in the city otf Richmond, or place of residence of the
holder of the stock, at the option of the said company.

6. Daniel J. Hartsook, William A. Spence, John Enders,
William G. Taylor, J. E. Claggett, George J. Sumner, Wil-
liam B. Isaacs, William G. Paine, John B. Davis, George S.
Palmer, A. Y. Stokes and John C. Williams shall be the
directors of the said company; of whom the said D. J.
Hartsook shall be president, and William G. Taylor shall be
secretary: and the said president, secretary and directors
shall continue in office until the first day of April, eighteen
hundred and sixty-seven, or until their successors are ap-
pointed. In case of a vacancy in the oftice of president, secre-
tary or directors from any cause, the remaining directors may
elect others to supply their places until a meeting of the
stockholders shall be held. The affairs of the said company
shall be managed by the president, secretary and other mem-
bers of the board of directors, five of whom shall constitute
a quorum.

7. The president, secretary and directors shall appoint
such clerks and other officers as they may find necessary
properly to conduct the business of the company, and allow
them suitable compensation: all of which officers shall hold
their places during the pleasure of the said president, secre-
tary and directors.

8. The president, secretary and directors shall have power
to appoint agents in any part of the state or elsewhere; and
at their discretion, may take from them bonds, with security,
conditioned for the faithful performance of their duties—
such agents being removable at the pleasure of the president
and secretary, subject to the approval of the board of direc-
tors, or by the board of directors.

9. The scale of voting at all the meetings of said company
shall be, one vote for “each share of stock not exceeding
twenty, and one vote for every two shares exceeding twenty
and not exceeding two hundred, and one vote for every four
shares exceeding two hundred; and every stockholder not in
debt to the company may, at pleasure, by power of attorney
or In person, assign and transfer his stock in the company on
the books of the same, or any part thereof, not being less
than a whole share; but no stockholder shall be permitted
to make a transfer or receive a dividend until such debt is
paid, or secured to the satisfaction of the board of directors.

10. The president. secretary and directors shall have power
to declare such dividends of the profits of the company as
they may deem proper: provided, that no dividend shall be
declared when, in the opinion of a majority of the board, the
capital stock will be impaired thereby. ‘They shall also, at
the end of every year, except that in which the company
goes into operation, make a report showing the condition of
the company in regard to its business for the current year.
The first annual meeting of the stockholders of said company
shall be on the tirst day of April, cighteen-hundred and sixty-
seven, and thereafter on the said first day of April of each
year: provided, that. the said stockholders at any regular
meeting. or a board of directors, may at any time change the

day for said annual meeting; and the president, secretary and
directors may at any time call a ecneral meeting of the stock-
holders; and any number of stockholders, ow ning not less
than one-third of the whole number of. shares, may require
the president and secretary to call such meeting; and on
their refusal to do so, may themselves call such meeting—in
each case giving at least fifteen days’ notice, by publication in
one or more newspapers published in the city of Richmond.

11. The members of the conipany 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 shares held by them respectively, and the amount
unpaid thereon, and any profits arising theretrom not divided.

12. 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 the said company,
and have the same effect as if attested by a corporate seal.

13. Nothing in this act shall be so construed as to autho-
rize the said company to issue and put in circulation any note
in the nature of a bank note.

14. That the board of directors shall have power to take
premiums or risks, either wholly in cash or wholly on credit,
or part in cash and part on credit, as may be provided for in
their by-laws and regulations, aud tor the amount of the
credit premiums to receive notes or bonds.

15. The board of directors shall allow to the president and
secretary a reasonable compensation for their services.

16. The said D. J. Hartsook, Willian A. Spence, and
others, named in the sixth section of this act as a board of
directors, shall, within twelve months after the passage of
this act, open books at some suitable place in the city of
Richmond, and at any other place as they may deem proper,
to receive subscriptions to the capital stock of the corpora-
tion; and may prescribe such terms in regard to said sub-
scriptions as they may deem wise, not inconsistent with the

rovisions of this act, and the laws of this state, or of the
nited States.

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

Chap. 309.—An ACT to incorporate the Insurance and Savings Company
of Virginia.

' Pasred February 28, 1866.

1. Be it enacted by the general assembly of Virginia, That
Daniel J. Hartsook, William A. Spence, John Enders, Wil-
liam G. Taylor, J. E. Claggett, George J. Sumner, William
B. Isaacs, William G. Paine, John B. Davis, George S. Pal-
mer, A. Y. Stokes, John C. Williams and others, who may
associate under this act, are hereby created and declared to
be a body politic and corporate, by the name and style of
The Insurance and Savings Company of Virginia; and by
that name, may sue and be sued, plead and be impleaded, in
all the courts of law and equity in this state or elsewhere;
and have perpetual succession; to have, make and use a com-
mon seal, and the same to break, alter or renew at their
pleasure; to ordain and establish such by-laws, ordinances
and regulations as they may think wise; and generally to do
every act and thing necessary to carry into efiect this act, or
to promote the object or design of this corporation: pro-
vided, that such by-laws, ordinances, regulations or acts be
not inconsistent with the laws of this state or of the United
States. |

2. To make insurance upon dwellings, houses, stores and
all other kinds of business in town or country, and upon
household furniture, merchandise and other property, against
loss or damage by fire; to make insurance on lives; to cause
themselves to be reinsured, when deemed expedient, against
any risk or risks upon which they may have made or may
make insurance; to grant annuities; to receive endowments;
to make insurance upon vessels, freights, goods, wares, mer-
chandise, specie, bullion, profits, commissions, bank notes,
bottomry and respondentia interests; and to make all and
every insurance connected with marine risks and risks of
transportation and navigation.

3. To receive money on deposit, and grant certificates
therefor, in accordance with the conditions set forth in sec-
tions four and five, chapter fifty-nine of the Code of Virginia;
but in na case are such deposits, or the certificates therefor,
to be held liable to make good any policy of insurance issued
by this company, or any other contract made by it; to bor-
row money, and execute notes for the same.

4. The funds of this company, however derived, may be
invested in or lent on any stock or real security, or be used
in purchasing or dixcounting bonds, bills, notes or other pa-
per: provided, that the rate of interest shall be one-half of
one per centum for thirty days, omsuch other rate as may be
lawful and proper at the time of the transaction; but the
interest in any case may be paid in advance.

5. The capital stock of said company shall not be less than
fifty thousand dollars nor more than one million dollars, to
be divided into shares of one hundred dollars each. The
said capital shall be payable by each subscriber, at such time
or times and in such proportion as it may be called for by
the president and directors: and if any such subscriber shall
fail to pay the same so called for upon each and every share
so held, within twenty days after the same has been so called
for, then the amount so called for may be recovered, by
motion, upon twenty days’ notice in writing, in any court of
record in the city otf Richmond, or place of residence of the
holder of the stock, at the option of the said company.

6. Daniel J. Hartsook, William A. Spence, John Enders,
William G. Taylor, J. E. Claggett, George J. Sumner, Wil-
liam B. Isaacs, William G. Paine, John B. Davis, George S.
Palmer, A. Y. Stokes and John C. Williams shall be the
directors of the said company; of whom the said D. J.
Hartsook shall be president, and William G. Taylor shall be
secretary: and the said president, secretary and directors
shall continue in office until the first day of April, eighteen
hundred and sixty-seven, or until their successors are ap-
pointed. In case of a vacancy in the oftice of president, secre-
tary or directors from any cause, the remaining directors may
elect others to supply their places until a meeting of the
stockholders shall be held. The affairs of the said company
shall be managed by the president, secretary and other mem-
bers of the board of directors, five of whom shall constitute
a quorum.

7. The president, secretary and directors shall appoint
such clerks and other officers as they may find necessary
properly to conduct the business of the company, and allow
them suitable compensation: all of which officers shall hold
their places during the pleasure of the said president, secre-
tary and directors.

8. The president, secretary and directors shall have power
to appoint agents in any part of the state or elsewhere; and
at their discretion, may take from them bonds, with security,
conditioned for the faithful performance of their duties—
such agents being removable at the pleasure of the president
and secretary, subject to the approval of the board of direc-
tors, or by the board of directors.

9. The scale of voting at all the meetings of said company
shall be, one vote for “each share of stock not exceeding
twenty, and one vote for every two shares exceeding twenty
and not exceeding two hundred, and one vote for every four
shares exceeding two hundred; and every stockholder not in
debt to the company may, at pleasure, by power of attorney
or In person, assign and transfer his stock in the company on
the books of the same, or any part thereof, not being less
than a whole share; but no stockholder shall be permitted
to make a transfer or receive a dividend until such debt is
paid, or secured to the satisfaction of the board of directors.

10. The president. secretary and directors shall have power
to declare such dividends of the profits of the company as
they may deem proper: provided, that no dividend shall be
declared when, in the opinion of a majority of the board, the
capital stock will be impaired thereby. ‘They shall also, at
the end of every year, except that in which the company
goes into operation, make a report showing the condition of
the company in regard to its business for the current year.
The first annual meeting of the stockholders of said company
shall be on the tirst day of April, cighteen-hundred and sixty-
seven, and thereafter on the said first day of April of each
year: provided, that. the said stockholders at any regular
meeting. or a board of directors, may at any time change the

day for said annual meeting; and the president, secretary and
directors may at any time call a ecneral meeting of the stock-
holders; and any number of stockholders, ow ning not less
than one-third of the whole number of. shares, may require
the president and secretary to call such meeting; and on
their refusal to do so, may themselves call such meeting—in
each case giving at least fifteen days’ notice, by publication in
one or more newspapers published in the city of Richmond.

11. The members of the conipany 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 shares held by them respectively, and the amount
unpaid thereon, and any profits arising theretrom not divided.

12. 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 the said company,
and have the same effect as if attested by a corporate seal.

13. Nothing in this act shall be so construed as to autho-
rize the said company to issue and put in circulation any note
in the nature of a bank note.

14. That the board of directors shall have power to take
premiums or risks, either wholly in cash or wholly on credit,
or part in cash and part on credit, as may be provided for in
their by-laws and regulations, aud tor the amount of the
credit premiums to receive notes or bonds.

15. The board of directors shall allow to the president and
secretary a reasonable compensation for their services.

16. The said D. J. Hartsook, Willian A. Spence, and
others, named in the sixth section of this act as a board of
directors, shall, within twelve months after the passage of
this act, open books at some suitable place in the city of
Richmond, and at any other place as they may deem proper,
to receive subscriptions to the capital stock of the corpora-
tion; and may prescribe such terms in regard to said sub-
scriptions as they may deem wise, not inconsistent with the

rovisions of this act, and the laws of this state, or of the
nited States.

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