Chap. 49.—An ACT to amend and re-enact section 1271 of the code of 1887,
in relation to the securities to be deposited with the treasurer by foreign
and home insurance companies.

'Approved January 13, 1900.

1. Be it enacted by the general assembly of Virginia, That section
twelve hundred and seventy-one of the code, as amended by an act
approved January the fourteenth, eighteen hundred and ninety, and an
ACTS Of ASSEMBLY. 538

act approved February the twenty-eighth, eighteen hundred and ninety,
in relation to the securities to be deposited with the treasurer by foreign
insurance companies, be amended and re-enacted so as to read as follows:

§ 1271. Securities to be deposited with the treasurer.—Every such
company shall, by an agent employed to superintend or manage the
business in this state, deliver under oath to the treasurer of this state a
statement of the amount of capital stock of said company, and deposit
with him bonds of the state of Virginia or of the United States, or bonds
of the cities of Richmond, Petersburg, Lynchburg, Norfolk, Alexandria,
Danville, Portsmouth, Winchester, Staunton, or Manchester, or Roanoke
to an amount equal to five per centum on the said capital stock, and the
treasurer shall thereupon give the agent a receipt for the same: pro-
vided, that the cash value of the securities so deposited need not be more
than fifty thousand dollars, nor shall it be less than ten thousand dollars,
and no single bond so deposited shall exceed in amount the sum of ten
thousand dollars.

And upon the face value of such deposits, the treasurer of the common-
wealth shall be authorized to make an annual assessment of one-twentieth
of one per centum, to be by him collected of the general agent of such
company for the state of Virginia, or, if there be no such general agent,
then of any local agent doing business for said company in the state,
to defray the expenses of his office, in the safe-keeping and handling of
such securities, and, after the payment of said expenses, whatever remains
shall be retained as a compensation to himself for his care and labor
in connection with said securities, a detailed statement of which shall be
furnished by him to each session of the general assembly. The treasurer
shall collect for the year eighteen hundred and ninety in July, eighteen
hundred and ninety, and annually thereafter in the month of July. If
the bonds so deposited be registered bonds, the company shall at the same
time deliver to the treasurer a power of attorney, authorizing him to
transfer said bonds, or any part thereof, for the purpose of paying any
of the liabilities provided for in this chapter. Upon the exhibition of
the said receipt to a commissioner of the revenue of the county, district,
or city in which an office of the said company in this state is or is
intended to be located, and the payment of the specific license tax, which
may be imposed thereon, a license shall be issued in the manner pre-
scribed by law to said company to carry on its business, and if at the
end of the period for which a license is given the said company desire
another license, it shall only be given on the certificate of the treasurer
that the bonds required by this section to be deposited with him are in
his possession. The treasurer shall require any such company to make
good any depreciation or reduction in value of said securities, and he
shall in the month of December in every year examine all securities so
deposited with him for the purpose of ascertaining whether any of them
have depreciated or been reduced in value. Any insurance company
incorporated by this state making a deposit of bonds with the treasurer
shall be required to pay the assessment required by this act.

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