Chap. 253.—An ACT to amend and re-enact the 2d and 3d sections of
the act passed February 26th, 1849, entitled an act incorporating the
American Insurance Company of Norfolk.

Passed February 27, 1867.

1. Be it enacted by the general sscembly, That the second
and third sections of the act passed February twenty-sixth,
eighteen hundred and forty-nine, entitled an act incorporating
the American insurance company of Norfolk, be amended
and re-enacted so as to read as follows:

Ҥ2. Be it further enacted, That the capital stock of the
said company shall be thirty thousand dollars, to be divided
into twelve hundred shares of twenty-five dollars each, with
power to said company to increase the same to one million
of dollars whenever a majority of stockholders in interest
shall in general meeting determine to do so. The capital
stock of the said corporation shall be payable by each sub-
scriber at such time or times as it may be called for by the

president and directors, and in such proportions or instal-
ments as they shall deem necessary; and if any subscriber
shall fail to pay the sum so called for upon each and every
share so held, within sixty days after the same has been so
called for and demanded, every such share and all the moneys
which may have been paid, or profits which may have arisen
thereon, shall be forfeited to the use of the said corporation,
and the holder or holders of such share or shares shall more-
over be liable for the remaining sums due or payable upon
the said shares whenever the same shall be called for by the
president and directors.

“$3. Be it further enacted, That the affairs of the said
company shall be managed by a president and fourteen direc-
tors—such a number of whom shall constitute a quorum as
may be fixed by the by-laws of the company, being stock-
holders in the said company, being chosen by ballot by a
majority of the votes of the stockholders present, or by
proxy, each stockholder having as many votes as he may
hold shares; that the directors elected at the first election
held in pursuance of this act, shall continue in office until the
first Monday in February, eighteen hundred and fifty; on
which said first Monday in February of each and every year
thereafter, there shall be an election of directors of said
company; at the first meeting after every election of direc-
tors they shall proceed to elect a president. And should it
happen, from any cause, that an election or elections should
not be held as pr escribed by this act, the charter shall not, in
consequence thereof, be considered forfeited, but the presi-
dent and directors then in office shall continue therein until
a new election takes place; and as soon as the board of di-
rectors of said company shall or may organize after the first
election, they shall notify the commissioners hereinafter ap-
pointed, who shall forthwith hand over to them all the moneys
received, and all the books and papers connected with or
belonging to said company. The shares of said stock shall
be transferable on the books of the company, and not other-
wise by the holder thereof or by attorney; and all policies
or other instruments, although not under seal, made by said
company, agreeable to their by-laws, shall be good and valid
to all intents and purposes.”
2. This act shall be in force from its passage.