Chap. 57.—An ACT to incorporate the Piedmont Real Estate Insurance
Company of Virginia. '
Passed January 11, 1867. °
1. Be it enacted by the general assembly of Virginia, That
William D. Cabell, Julian R. Peebles, Hudson Martin, L. L.
Loving, Jr., Thomas P. Fitzpatrick, Robert Whitehead, John
H. McCue, Elisha G. Thurmond and William C. Carrington,
and othggs who may associate with them under this act, are
hereby Greated and declared to be a body politic and corpo-
rate, by the name and style of The Piedmont Real Estate
Insurance Company; and by that name may sue and be sued,
plead and be impleaded, in all the courts of law and equity
in this state and elsewhere, and to make and have a common
seal, and the same to break, alter or renew, at their pleasure;
to ordain and establish such by-laws, ordinances and .regula-
tions, and generally to do every act and thing necessary to
carry into effect this act, or to promote the object and design

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of this corporation: provided, that such by-laws, ordinances
and regulations or acts be not incamsistent with the laws of
this state or the United States. |

2. Said corporation shall have power to make insurances
of every kind in the fire, marine or life line, on the mutual
and cash plan, on houses, cargoes, vessels, lives and every de-
scription of property whatever, and grant renewals of ex-
pired policies on the same; to cancel risks and cause them-
selves to be re-insured, when deemed expedient, against risks
upon which they have insurance made; to grant annuities;
to, receive endowments; to contract for reversionary inte-
rests; to purchase promissory notes, bills of exchange .or
other evidences of- debt.

3. The funds of said company, however derived, may be
invested 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. Said
company shall have power to purchase or otherwise acquire,
to have and to hold, and likewise to convey and sell, any real
and personal estate: provided it shall not hold at any time
more real estate than may be necessary for the purposes of
its Incorporation; but it may take liens on real or personal
property for the purpose of securing debts; and it may lend
money, and secure the same by lien on real or personal pro-
perty. a

4, The capital stock of said company shall be not less than
fifty thousand, nor more than one million dollars, to be
divided in shares of one hundred dollars each; said stock
payable by each subscriber at such time or times as called
for by the president and directors, and in such proportion as
they may deem necessary; and if any subscriber shall fail to
pay the same within twenty days after the same shall be so
called for and demanded, then the said amount may be re-
covered by motion, upon twenty days notice in writing, in
any court of record in the county or place of residence of
said stockholder. °

5. The affairs of said company shall be managed by a pre-
sident and board of directors, nine in number, five of whom
shall constitute a quorum; said directors shall be elected by
ballot from among the stockholders of said company, in gen-
eral meeting assembled, by a majority of the votes of said
stockholders present in person or by proxy, according to a
scale of voting hereinafter prescribed; and the directors thus
chosen, shall choose from among themselves, or the stock-
holders at large, a president, and allow him a reasonable
salary for his services. Said president and directors shall
continue in office one year, or until successors are chosen.
In case of vacancy in the office of president or djrectors,

‘from any cause, the remaining directors may elect others to

supply such vacancy for the remainder of the term for which
they were elected.

5. The president and directors of said company shall ap-
point a secretary and such other clerks and officers as they
deem proper, and allow them suitable compensation for their
services. Said president and directors may appoint agents
at such points as they desire, who, together with the secretary
and other officers so appointed, shall hold their positions sub-
ject to the pleasure of the board of directors to remove
them. Said president and directors shall have power to de-
clare dividends of the profits of the company such as they
deem proper, or they may decline or refuse so to do, when
and so long as they deem the interests of the company so
demand. .

7. The stockholders in said 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.

8. The scale‘of voting in said company at all their meet-
ings shall be, one vote for each share of stock not exceeding
twenty; one vote for every two shares exceeding twenty
and not exceeding two hundred shares; 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; but no stockholder in
debt to the company 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.

9. The persons named in the first section shall be commis-
sioners, whose duty it shall be, within twelve months after
the passage of this act, at some suitable place at Nelson sta-
tion, Virginia, and at such other places as they may deem
proper, to open books to receive subscriptions to the capital
stock of said company; and five days’ notice shall be given
by said commissioners of the time and places of opening
said books by notice in some newspaper published i in the city
of Lynchburg, which books shall not be closed in less than
ten day s from the time of opening; said commissioners shall
also give like notice for a meeting of the stockholders to
choose directors, and any five of said commissioners shall be
sufficient to supervise the first election of said officers, and
shall deliver to them when so elected, any property of said
corporation that may have come into their hands.

1V. This act shall be and continue in force from its pas-
sage, but shall be subject at all times to repaal or moditica-
tion by the general assembly. ‘

An ACT providing for the sale of the District Free School
Houses in the County of Henry.