Chap. 191.—An ACT to amend and re-enact section 4305 of the Code of BBs
Approved March 14, 1924.

1. Be it enacted by the general assembly of Virginia, That section
forty-three hundred and five of the Code of Virginia be amended and
re-enacted so as to read as follows:

Section 4305. Character of business such companies may do; re-
strictions; personal liability of president and directors.—It shall be law-
ful for any insurance company, chartered by this State, or by any other
State or country, to make insurance of the class or classes mentioned in
this section.

First. To insure houses, buildings, and all other kinds of property
against loss or damage by fire, lightning or storm; to insure against loss
or damage by water to any goods or premises arising from the breakage
or leakage of sprinklers or water pipes; and to make all kinds of insur-
ance against loss of or damage to goods, merchandise or other property,
caused by fire, risks of inland transportation or navigation, the action
of the elements or adverse manifestations of nature, as well as all and
every risk or peril to which the subject of insurance may be exposed,
against which it is not contrary to public policy to insure, including
every insurable interest therein or in the use thereof, or profit or income
therefrom, or legal liability therefor, but not to include i injury to the
person nor loss caused by breach of trust.

Second. To make any of the following kinds of insurance: (a)
Upon the health of persons, or against injury, disablement or death of
persons resulting from traveling or general accidents by land or water,
and against liability of the assured for injuries to employees of other
persons; (b) upon the lives of horses, cattle or other live stock; (c) upor
plate glass against breakage; (d) upon boilers against explosion, and
against loss or damage to life or property resulting therefrom, and against
loss or damage resulting from the breakage of machinery; (e) against
loss by burglary or theft, or both; (f) to guarantee and indemnify mer-
chants, traders and those engaged in business and giving credit, from
ldss and damage by reason of giving and extending credit to their cus-
tomers and those dealing with them, and to cause itself to be insured
in some other solvent company against any loss or risk it may have in-
curred in the course of its business, and upon the interest which it may
have in any property by means of any loans which it may have made on
mortgage, to guarantee the fidelity of persons holding places of public
or private trust, and generally to do and perform all other matters and
things proper to promote these objects. No company doing business
in this State, save an industrial life insurance company doing a sick
benefit business, shall undertake to do more than one of the several kinds
of insurance named in this section, unless said company shall first have
a paid-up capital, either in cash or invested in solvent securities per-
mitted by this chapter, of one hundred thousand dollars. Any com-
pany doing more than one kind of business, as in this section provided,
shall be required to make a report and sworn statement for each kind
of business done, such as is required of companies doing but one kind
of business in this State; and no company referred to in this chapter,
transacting business in this State under this section, shall expose itself
to loss on any one risk or hazard to an amount exceeding ten per centum
on its paid-up capital and surplus, exclusive of the amount of any such
risk secured by collateral, unless the excess shall be reinsured by the
same in some good and reliable company having authority to transact
business in this State. But this limitation shall not apply to any bonds
or sureties furnished to the United States, or to any court or officer
thereof. If a company is insolvent, and the president and directors,
knowing it, make or assent to further insurance, they shall be personally
liable for any loss under such insurance.