Chap. 278.—An ACT to Incorporate the Valley Live Stock Insurance
Company.

In force March 22, 1872.

1. Be it enacted by the general assembly, That William A.
McCue, T. C. Morton, William M. Harvey, Richard H. Burke,
Edward Graham, Samuel B. Morrison, William T. Poague,
David S. Bell, Thomas L. Shelton, J. Newton Van Lear, George
Chrisman, John Herring, jr.,and such others as they shall asso-
ciate with them, be and they are hereby constituted a body
corporate under the name of the “ Valley Live Stock Insur-
ance Company,” for the purpose of carrying on the business of
insuring the lives of horses, mules and cattle, and of insuring
against the stealing of the same; and for the purposes afore-
said, they shall, under their corporate name aforesaid, have the
power to contract and be contracted with, to sue and be sued,
plead and be impleaded, have a common seal and change the
same at their pleasure ; and may from time to time ordain such
by laws and rules for their government, not inconsistent with
the laws of the state and the United States, as they may deem
expedient.

2. The capital stock of said company shall be not less than
fifty thousand dollars, divided into shares of one hundred dol-
lars each, of which at least five per centum shall be paid up at
the time of subscription ; and said capital stock may be in-
creased from time to time, by a vote of a majority of the stock-
holders, to an amount not exceeding five hundred thousand
dollars ; and should the capital stock be thus increased, the
stockholders at the time of such increase shall have the right
to take a pro rata share of such new stock upon the payment
of the par value thereof.

3. Upon the subscription of the whole capital stock of fifty
thousand dollars, the company shall be organized, and the per-
sons named in section one, or such of them as shall have sub-
scribed to the capital stock of said company, shall proceed to
elect a president, secretary, treasurer and board of directors,
consisting of five stockholders, to continue in office for the
period of one year from and after such organization ; and three
directors shall constitute a quorum for the transaction of
business.

4. The capital stock subscribed shall be payable by each sub-
scriber at such time or times, and in such proportion, as it shall
be called for by the president and directors; and if any sub-
scriber shall fail to pay the sum so called for upon every share,
within twenty days after the same has been socalled for, then the
said amount may be recovered by motion, after ten days’ notice
in writing, before any court of record in the counties of Roa-
noke, Botetourt, Rockbridge or Augusta, or in the county where
the delinquent stockholder resides, at the option of the com-
pany: provided, however, that before said company commences
active business, the president and directors shall require of the
subscribers to the capital stock, ample security for the amount
subscribed by them and not already paid in cash.

5. It shall be lawful for said company to hold real estate not
exceeding twenty thousand dollars in value, and also such as
shall have been mortgaged or conveyed by way of security to
it for loans or moneys due, and such as shall have been pur-
chased at sales upon judgments, decrees, mortgages and deeds
of trust, obtained or made for debts due to the company ; but
all real estate acquired by it beyond the value of twenty-five
thousand dollars, shall be sold or disposed of within five years
from the time of acquiring the same.

6. It shall be lawful for said company to issue policies, in
proper legal form, insuring the lives of horses, mules and cat-
tle, and also insuring against the loss, by stealing or robbery,
of horses and mules, on such terms and conditions, and at such
rate of premium, as may be agreed on between the company
and the assured ; and for the purpose of identifying the animals
insured, it shall be lawful for the company to establish a mark,
to be branded or otherwise indelibly placed on all animals in-
sured against stealing or robbery, of which mark public notice
shall be given by advertisement, for at least two months, in one
or more papers published in the city of Richmond, of general
circulation throughout the state, and in two or more papers
published in the Valley of Virginia, and also by circulation of
cards of advertisement; and said mark, as well as the animah
insured, shall be particularly described in the policy issued for
insuring against the stealing or robbery of such animal; and
any person who, being out of the county or city in which he
resides, shall offer to sell or exchange a horse or mule branded
or marked with the brand or mark of said company thus pub-
lished, who has not the policy, or certificate of transfer of in-
surance, issned by said company upon said horse or mule, shalb
be presumed prima facie to have come into possession of said
horse or mule unlawfully; subject, however, to his right to show
by proof his possession and ownership to be lawful; and any
sheriff, constable, or police officer of a town or city, or duly
authorized agent of said company, may, for the benefit of said
company, take and hold possession of any horse or mule 80
branded or marked, and offered for sale or exchange by any
person; subject, however, to the right of such person, or the
true owner of said horse or mule, to reclaim the same on proper
proof of title or ownership.
7. This act shall be in force from its passage.