Chap. 11.—An ACT to incorporate the National Insurance Company of
vichmond, Virginia.

Passed March 11, 1867,

1. Be it enacted by the general assembly of Virginia, That
Cxreene Adams, Robert L. Owen, Fergus M. Blair, Erastus
Poulson, J. T. Caldwell, Samuel Ruth, T. H. Wynne, J. M.
Galt and R. W. Downman, 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 National
Insurance Company of luichmond, Virginia; and by that
name may sne and be sued, implead and be impleaded, in all
the courts of law and equity in the state’ of Virvinia and
elsewhere; and to make and have a common seal, and the
same to break, alter or renew at thcir pleasure; to ordain
and establish such by-laws, ordinances and regulations, and
generally to do any act and thing necessary to carry into
effect this act, or to promote the objects and dushing of this
corporation.

2. ‘To make insurance upon dwellings, houses, stores and
all other kinds of buildings, in towns, cities or Counties, and
upon household furniture, merchandise and other property,
against loss or damage by fire; to make insurauce on the
lives and health of persons; to make insurance against acci-
dents of any or all kinds; to issue tickets or policies, or both,
as the board of directors may determine; to cause them-
selves to be insured, when deemed expedient, against risks;
upon which they have made insurances; to grant annuities;
receive endowments; to contract for reversion: uy Interests:
to guarantee the payment of promissory notes, ills of ex-
change or other evidences of debt; to make insurance upon
vessels, freights, goods, wares, merchandise, specie, bullion,
protits, commissions, bank notes, bottomry or respondentia
interests, and to make all and every Insurance connected with
marine risks of transportation and navigation.

3. To receive money on deposit and grant certificates
therefor, regulating rate of interest allowed on deposit: and
when payable: provided the said rate of interest shall not
exceed that allowed by law; but in no case are such deposits
or certificates therefor to be held lable to make good any
policy of insurance issued by this company.

4. The capital stock of the company shall not be less than
twenty thousand dollars, or more than two millon dollars,
and may consist of cash premiums and premium notes, re-
evived upon risks taken by the company, or notes taken for
stock for shares of fifty dollars each, Which shall be paid in
such instalments and proportions and at such times and place
as the president and directors for the time being may require
and designate, who shall give filteen days notice thereof, in
two or more daily papers of the city of Richmond, Virginia.
And if any stockholder, subseriber, their assignee or trans-
feree, shall refuse or neglect to pay such proportion or instal-
ment at the time and place appointed, such stockholder, sub-
scriber, transferee or assignee, shall, at the option of the
president and directors, forieit to the use of the company all
his, her or their rivht, title and interest in and to every share
on which such instalment has not been duly made; and fresh
subscriptions may be opened for the same, in such manner as
the by-laws may prescribe; or the president and directors
may, at their op ‘ion, commence suit for the same, and recover
against the holder of said stock for the amount of the instal-
ment or proportion so unpaid: provided that no stockholder
or subscriber shall be permitted to vote at any election for
directors, or at any general or special meeting of the com-
pany, on whose shares any instalments or arrearages may be
due more than fifteen days previous thereto.

). That the president, vice-president and directors for the
time being shall have power to ordain, establish and put in
execution such rides, regulations, ordinances and by-laws as
they may deem essential for the well government of the in-
stitution, not contrary to the laws of the commonwealth of
Virginia, or the laws and constitution of the United States,
or of this act; and generally to do and perform all acts, mat-
ters and things which a corporation may or.can law fully do.

6. That the board of directors shall consist of not less
than five members or stockholders, three of whom shall con-
stitute a quorum; which suail be elected annnally, by ballot,
trom among the members and stockholders of s: nid company
in gencral meeting assembled, at such time and place as. said
corporation in their by-laws shall appoint, of which election
public notice shall be given ten days preceding such election;
Which shall be held under the INspASH ON of the members or
stockholders to be Appointed for the first cleetion by the per-
sons named in the tirst section of this act, and thereafter by
the members or stockholders; and such election shall be made
by ballot, and by a majority vote of the members or stock-
holders, of their proxies present, allowing to each member or
stockholder one vote for every filty dellars in capital stock
represented in said company. .All vacancies happening in

said board may be filled by the remaining directors for the
remainder of the term for which they were elected. The
board of directors shall elect, viva voce, a president, vice-
president, secretary, treasurer ‘and eonel ral agent, who shall
hold their offices for and during the term of one year, or
until others are elected in their places and duly qualified.

¢. The executive committee sball consist of the president,
vice-president, treasurer, general agent and secretary; and
when the board of directors are not in session, may exercise
all the powers vested in the company, except as shall be
otherwise provided by the board of directors in the by-laws
of the company, a majority of whom may constitute a
quorum to do business.

X. This company may eftect all kinds of insurance, either
on the eash or stock plan, without premium notes, or may
require premium notes and a cash amount in addition, as
hereinafter provided for; but all persons insuring on the pre-
mium note plan shall be bound to pay his or her share of all
losses and expenses: incurred by the company, whether the
same arise out of losses or expenses growing out of a cash
stock or a premium note Insurance.

9. ‘That every person who shall become a member of this
company, by effecting an’ insurance therein on ‘the premium
note plan, shall, before he receives his policy, deposit his pre-
minum note for such sum of money as shall be determined by
the directors, together with such amount in cash as may be
required by them. The said deposit note shall be payable,
in part or the whole, at any time when the directors shall
deem the same requisite for the payment of losses or dam-
acs, and such other incidental expenses as shall be necessary
for transacting the business of said company, and for the re-
deraption of all bonds, obligations and notes which may be
incurred or issued by said company; and at the expiration of
the term of insurance, the said note, or such part thercof' as
shall remain unpaid, atier deducting all losses and expenses
and other liabilities accruing in said term, shall be relinquished
and given up to the maker thereof or his representatives.
The tunds of this company, however derived, may be invested
in or loaned on stock or real security, or be used in pur-
chasing or discounting bonds, bills, notes or other paper; but
the members or stockholders of this company shall not be
lable for any loss. damage or responsibility, other than their
premium notes and the property they may have in the capital
stock and funds of the company, and any profits accruing
therefrom and undivided; and nothing herein contained, shail
he so construed as to authorize the company to issue and put
Into circulation any note in the nature of bank notes.

10, That the members of said company who shall have
given a premium note, shall be bound to pay for losses and
expenses and other liabilities, as aforesaid, accruing in and to
said company, in proportion to the amount of his deposit
note.

Il. Suits at law, or in equity, may be maintained by said
corporation against any of its members for the collection of
sail deposit notes, or any assessment thereon, or for any other
cause relating to the business of said corporation; or In cquity,
may be prosecuted and maintained by any member or stock-
holder against said corporation for losses or damages by fire,
if payment is withheld more than four months after the losses
are duly proved, and notified to the company agreeably to
the conditions of the policy; and no member of “the corpo-
ration not being, in his individual capacity, a party to any
such suit, shall be incompetent as a witness therein on ac-
count of his being a member or stockholder of said company.

12. That when a loss or damave by fire is sustained by a
policy holder, and the amount. is ascertained for which the
company is lable, the directors shall have power to assess
and collect, within sixty days, such an amount that they may
deem advisable from cach member or stockholder in propor-
tion to the origimal amount of his or her deposit note or
notes, and the amount so collected shall be paid into the
hands of the treasurer of the ¢: ampany; and if any member
or stockholder shall neglect or refuse to pay the amount so
assessed within thirty d: ivs after due notice is given, written
or published, the directors may sue for and recover the whole
amount of his or her deposit note or notes, with costs of
suit; and the amount thus collected shall remain m the trea-
sury of said company, subject to the payment of such losses
and expenses as have or may thereafter accrue, and the
balanee, if any remain, shall be returned to the party from
whom it was collected, on demand, aiter thirty days from
the expiration of the time for which assurance was made.

13. The directors shall have power to declare such divi-
dends of the profits of the company as they may deem proper:
provided, that no dividend shall be declared when in their
opinion, or a majority thereof, the capital stock would be im-
paired thereby,

14. The principal office of the company shall be located in
the city of Richmond, Virginia.

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