Chap. 440.—An ACT to Incorporate the Alexandria Insurance Company of
Alexandria, Virginia.

Approved November 10, 1870.

1. Be it enacted by the general assembly, That M. D. Corse,
W. J. Boothe, John H. Brent, Jno. W. Green, Wm. H. Lam-
bert, James F’. Catlin, William Cogan, George H. Robinson,
EK. S. Leadbeater, E. F. Witmar, P. B. Hooe, George Wash-
ington, Jno. 8. Knox, Jr., and Morton Marye, and such other
persons as may hereafter be associated with them, shall be and
they are hereby incorporated and made a body politic and cor-
porate, under the name and style of The Alexandria Insurance
Company of Alexandria, and they are hereby invested with
all the rights, privileges, and powers conferred on the Ameri-
can insurance company of Norfolk, by act passed February
twenty-sixth, eighteen hundred and ‘forty- nine.

2. Be it further enacted, That in addition to the rights, pri-
vileges, and powers hereby conferred, the said company may
discount notes, bills of exchange, drafte, and lend money for a
period not to exceed six months, and at any interest not to
exceed twelve per centum per annum.

3. Be it further enacted, That the persons named in the first
section of this act, shall be the commissioners, any three of
whom may act.

4. Be it further enacted, That the capital stock of said com-
pany shall not be less than thirty thousand dollars or more
than two hundred and fifty thousand dollars, to be divided into
shares of twenty-five dollars each, five dollars on each share
subscribed for to be paid to the commissioners in cash, and
upon the organization of the company, the residue, to be se-
cured by the bonds of the subscribers, with security approved
of by the board of directors, the subscribers not to be entitled
to the rights and privileges of stockholders until such bonds
and security be given, gr the whole amount of subscription be

aid.
d. Be it further enacted, That the stockholders who shall
pay the whole amount of their subscriptions, shall be entitled
to twelve per centum per annum on twenty dollars of each
share until it be necessary, as hereinafter provided for, to call
for the residue or any part thereof, secured by the bonds of
the stockholders.

6. Be it further enacted, That when any subscriber shall fail
to pay a portion, or the whole of the sum secured by bond as
aforesaid, within thirty days after the same shall be called for
and demanded by order of the board of directors to pay loss
or losses, the same may be recovered of the subscriber and
his surety, by motion, upon ten days’ notice in the circuit court
of Alexandria county, and from the time the demand is made
as aforesaid, the stockholders, who have paid the whole amount
of subscription, shall cease to be entitled to interest on twenty
dollars of each share, as provided for in the fourth section of
this act, and shall be entitled to interest on such amount of
each share as shall remain uncalled for.

7. This act shall be in force from the passage thereof, and
shall be subject to any amendment, alteration, or modification,
at the pleasure of the general assembly.