Chap. 115.—An AC7' to incorporate the Planters and Mecl:anies Insurance
Company of Danville.

Passed April 27, 1857, =

1. Be it enacted by the general assembly of Virginia, That
R. R. Swepson, W ellineton Witcher, Wm. IT. Jones, George
W. Swepson and KE. ¥. Keen, and such others as may here e-
after associate with them, are hereby created and declared to
be a body politic and corporate, by the name and style of
The Planters and Mechanics Insurance Company of Danville;
and by that name and style shall have all the rights, powers

and privileges conterred, and be subject to all the rules, regu-
lations and restrictions imposed by the Code of Virginia, and
all acts amendatory theréof applicable to such a corporation,
and not inconsistent with this act.

2. The capital stock of said company shall be three hun-
dred thousand dollars, to be divided into shares of fifty dol-
lars each, with power to increase the same to five hundred
thousand dollars, whenever a majority of stockholders in
interest shall, in vencral meeting assembled, determine so to
do.

The capital stock shall be paid as follows: Five dollars
on eal share at the time of subscribing, shall be pad to the
incorporators herein named, and the residue thereafter as
may be required by the president and directors.

4. When it shall appear to the incorporators that twenty
thousand dollars of the capital stock has been subseribed,
they shall call a general meeting of the subseribers at a cer-
tain time and pl: we in Danville, Vi irginia, to organize said
company. From the time of such meeting, the subscribers
shall stand incorporated, unless in the said meeting it be de-
termined otherwise. “At this mecting the stockholders pre-
sent (in person or by proxy), representing a majority of the
stock subscribed, shall proceed, under the Inspection of the
incorporators, to choose five directors. The incorporators
shall forthwith, after the said election, pay over, as the direc-
tors may order, ail moneys by them received from the sub-
scribers to the capital stoc ‘k of said company, and deliver up
all books and papers in their hands concerning the same:
provided that no person shall vote in such meeting unless he
shall have paid to the incorporators five dollars on every
sh are by him subscribed.

The attairs of the company shall be managed by a pre-
cident and five 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 votes of the stockholders present, in person or by
proxy. Each stockholder shall be entitled to as many votes
at any mecting of the stockholders as he may own shares in
suid company. At the first meeting after every election, the
directors shall choose from among themselves a president,
and allow him’a reasonable compensation for his services;
and in case of death, resignation or disqualification of the
president or any of the directors, the remaining directors
may elect others to supply their places fur the remainder of
the term for which they were chosen.

G. The president and directors may appoint and dismiss
at their pleasure, a secretary and such other officers as may
be necessary for the transaction of the business of said com-
pany, and allow such compensation for their services as they
may deem reasonable, and may require of such secretary or
other officers to enter into bond for the faithtul discharge of
his duty.

7. Every stockholder not in debt to the company may, at
pleasure, in person or by attorney, assign his stock on the
books of the company, or any part thereof, not. being less
than a whole share; but no stockholder indebted to the com-
pany shall assign or make transfer of his stock or receive a
dividend until such debt is paid, or secured to the satisfac:
tion of the board of directors.

%. The president and directors are hereby authorized to
make insurance upon vessels, freights, merchandise, specie,
bullion, jewels, protits, commissions, bank notes, bills of ex-
chanve and other evidences of debt, bottomry and respon-
dentia interests, and to make all and every insurance con-
nected with marine risks and risks of transportation and navi
gation; to make insurance on dwellings, houses, stores and
other kinds of buildings, and upon household furniture, other
property and merchandise, against loss or damage by fire: to
make insurance on lives; to erant annuities; to guarantee
the payment of notes, bonds, bills of exchange, and to make
all kinds of contracts for the insurance of every description
of property; to receive money on deposit and pay Interest
thereon, as may be advantageous to the stockholders; to pro-
vide for the investment of funds of thé company in such man-
ner as may be deemed most beneficial, and to invest the same
in any stocks of any kind, on loans or otherwise, as may be
judged best for the interests of the company: provided, that
in no event shall the deposits be liable tor the satisfaction ot
any policy.

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 the said company,
and have the same effect as if the said policies and contracts
had been attested by a corporate seal.

10. The president and directors may declare semi-annual
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 eapital stock would
be impaired thereby.

1L. 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
less than one-fourth of the whole number of shares, may re-
quire the president and directors to call such meeting; and
on their refusal so to do, may themselves call such meeting,
viving fifteen days’ notice thereof in one or more of the news-
papers published in the county of Pittsylvania.

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

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