Chap. 71.—An ACT to amend and re-enact Section 4340 of the Code of Virginia,
: relating to limitation of assumption of risks by certain kinds of fire, lightning,
and storms insurance companies, etc., to exempt certain kind or kinds of fire
insurance companies from certain provisions of Section 4336 of the Code. [S 84]

Approved February 28, 1944

Be it enacted by the General Assembly of Virginia:

1. That section forty-three hundred forty of the Code of Virginia
be amended and re-enacted, as follows:

Section 4340. Risks limited to those specified in this chapter ; penal-
ties ; chapter not to apply to certain kind or kinds of fire insurance com-
panies.—No such corporation shall insure against any losses except as
specified in section forty-three hundred thirty-six ; and any officer violat-
ing this law shall be fined not less than ten dollars nor more than five
hundred dollars, and shall be personally liable for any losses caused by
any such violation, either to the association or any member. The pro-
visions of this chapter shall not apply to any purely mutual fire insurance
company chartered and organized and operating on the assessment plan
prior to the effective date of chapter one hundred twelve, Acts of nine-
teen hundred six, and no purely mutual fire insurance company char-
tered and organized and operating on the assessment plan, whether with
or without capital, provided none has been issued, at the time of the
passage of chapter one hundred twelve, Acts nineteen hundred six, and
no successor, regardless of when chartered, of any company so chartered
and organized and operating at that time, shall be subject to the re-
strictions of section forty-three hundred thirty-six of the Code as now
or hereafter amended.

2. An emergency exists and this act is in force from its passage.