Chap. 248.—An ACT to amend and reenact Sections 2 and 5 of Chapter 449
of the Acts of Assembly of 1928, approved March 26, 1928, relating to permits
to do certain types of business; and effect of chapter on certain types of
insurance companies. {H 107]

Approved March 15, 1948

Be it enacted by the General Assembly of Virginia:

1. ‘That sections two and five of chapter four hundred forty-
nine of the Acts of Assembly of nineteen hundred twenty-eight,
approved March twenty-six, nineteen hundred twenty-eight, be
amended and reenacted as follows:

Section 2. No such company shall do any business in this
State without a permit from the State Corporation Commission.
Such permit shall be given upon application therefor, to any such
company having a minimum capital stock of not less than two
hundred and fifty thousand dollars, upon the Commission being
satisfied of the solvency of such company and its ability to perform
all its undertakings; provided, if it be a foreign corporation, it
has complied with the provisions of sections thirty-eight hundred
forty-seven and forty-three hundred forty-three of the Code of
Virginia.

Any company violating the provisions of this section shall be
subject to the penalties prescribed in section thirty-eight hundred
forty-eight of the Code of Virginia, to be imposed as therein
provided.

Section 5. Nothing in this act shall be construed to prohibit
mutual insurance companies from doing a guaranty, indemnity,
fidelity and surety business when so authorized by law.

2. This act shall be effective on and after July one, nineteen
hundred forty-eight.