Chap. 171.—An ACT to Amend and Re-enact Sections five and ten of
an Act passed January 20th, 1866, entitled an Act to Incorporate the
Johnston Insurance Company of Danville, Virginia.

Tu force March 14, 1873.

1. Be it enacted by the general assembly, That sections five
and ten of an act passed January twentieth, eighteen hundred
and sixty-six, entitled an act to incorporate the Johnston In-
surance Company of Danville, Virginia, be amended and re-
enacted so as to read as follows:

§ 5. The affairs of the company shall be managed by a pres-
ident and five directors, being stockholders (a majority of
whom shall constitute a quorum), who shall continue in office
one year from the time of their election, and until others are
elected in their stead, to be chosen by ballot by a majority of
the votes of the stockholders present in person or by proxy-
Each stockholder shall be entitled to as many votes, at any
meeting of the stockholders, as he may own shares in said
company. ‘There shall be held annually a general meeting of
stockholders for the election of directors, and for such other
business as may come before them; the time and place of hold-
ing such meetings to be designated by the first general meet-
ing of stockholders, and to be changed at any subsequent gen-
eral meeting if deemed expedient. At their first meeting after
their election, the directors shall choose from among them-
selves a president, and allow him a reasonable compensation
for his services; and in case of the death, resignation or dis-
qualification of the president or any of the directors, the
remaining directors may elect others to supply their place for
the remainder of the term for which they were chosen.

§ 10. To make insurance on lives and against accidents to
persons, to grant annuities, to guarantee the payment of notes,
bonds, bills of exchange, and receive such compensation as may
be agreed upon for the same, and to make all kinds of con-
tracts for the insurance of every description of property; to
receive money on deposit, and pay interest thereon as may be
advantageous to the stockholders; to invest the funds of the
company in stocks of any kind or loans; or to discount bonds,
bills, notes or other evidences of debt, and receive the interest
on the same in advance, as may be judged best for the interest
of the company: provided, that in no event shall the deposits
be liable for the satisfaction of any policy.

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