Chap. 82.—An ACT amending Sections 8, 4, 5, and 9, of Act Incorporating
the Albemarle Insurance Company.

Approved February 21, 1871.

1. Be it enacted by the general assembly, That the third,
fourth, fifth, and ninth sections, of an act passed March second,
eighteen hundred and fifty-four, incorporating the Albemarle
insurance company, be amended and re-enacted so as to read
as follows:

Ҥ 3. To receive money on deposit, and grant certificates
therefor, in accordance with the conditions set forth in such
certificates; but in no case are such certificates to be held lia-
ble to make good policies of insurance issued by said company.

‘“§ 4. The company shall have power and authority to in-
vest its capital stock and other funds in bank, state, or other
stocks; in the purchase of bonds issued by this or any other
state, or the United States, and bonds of any incorporated
company; to lend money upon personal or real security—the
interest, not exceeding that allowed by law, in any case, may
be paid in advance. The company may hold so much real
estate as is proper for the purpose for which it is incorporated,
and may purchase, or otherwise acquire, to have and to hold,
and likewise to convey and sell, any personal or real estate, for
the purpose of securing any debt or debts that may be due to
them.

Ҥ 5. The capital stock of said company shall be not less
than twenty thousand dollars, nor more than four hundred
thousand dollars, to be divided into shares of not less than
thirty-five dollars each, as the president and directors may de-
termine. The said capital stock shall be payable by each sub-
scriber at such tame or times as it may be called for by the
president and directors, and in such proportions as they may
deem necessary; and if any subscriber shall fail to pay the
same, so called for, upon each and every share so held, within
twenty days after the same has been so called for and de-
manded, then the amouut so called for may be recovered by
motion, upon twenty days’ notice in writing, in any court of
record in the county or place of residence of the holder of
stock.”

Ҥ 9. The scale of voting, at all meetings of the company,
shall be one vote for each share of stock.”

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