Chap. 241.—An ACT to incorporate The Granite Insurance Company.
Approved March 25, 1875.

1. Be it enacted by the general assembly of Virginia,
That A. H. Drewry, Z. W. Pickrell, Jobn C. Shafer, George
S. Palmer, and Stephen Putney, and such other persons as
may be associated with them, be and they are hereby created
and constituted a body politic and corporate, by the name
and style of The Granite Insurance Company of Richmond,
Virginia, and by that name shall have perpetual succession,
and sue and be sued, plead and be impleaded in all the courts
of law and equity in this state and elsewhere; and shall have
pewer to make and use a common seal, and the same to alter
or change at pleasure; and to ordain and establish such by-
wes, ordinances, and regulations as may be deemed neces-
uy to the management of the affairs of the company, and
snerally todo any act and thing necessary to carry into
feet this act, or to promote the object and design of this
Irporation not repugnant to the constitution and laws of
is state or of the United States.

The capital stock of sAid company shall not be less than
ne hundred thousand nor more than one million dollars, to
e divided into shares of one hundred dollars each, and each
hare of stock shall entitle the owner to one vote at every
neeting of the stockholders. The said capital stock shall
re paid by each subscriber at such time or times, and in such
rpmounts as it may be called for by the president and direc-
ors; and if any such subscriber shall fail to pay the sum so
:alled tor upon each and every share so held, within twenty
days after the same has been so called, then the amount so
called for may be recovered by motion upon ten days’ notice
in writing, in any court of record in the city of Richmond
or the place of residence of the holder of the stock, at the
option of the said company: and said company shall have a
first Hien upon the stock of any holder thereof for any debt
or debts due the company by such holder, and no stock shall
be transferred on the books of the company (unless it be
fully p..id stock and the holder not indebted to the company )
without the consent of the president and board of directors.

3. The company shall have power to make insurance upon
stores. ware-houses, dwelling-houses, and household furni-
ture, merchandise, and all other property, in town or coun-
try, against damage or loss by fire, or by any other liability,
casualty, or hazard; to make insurance upon vessels, freights,
goods, wares, merchandise, specie, bullion, profits, commis-
sions, bank notes, bonds, money, plate, bottomry, and re-
spondentia interests, and to make all and every insurance
connected with marine risks of transportation and naviga-
tion.

4. The president and directors shall have power and an-
thority to provide for the investment of the funds of the
company in such manner as may be deemed most beneficial,
and to invest the same in stocks of any kind or loans, or in
the purchasing or discounting of negotiable paper or other-
Wise, as may be judged best for the interest of the company:
provided, that said company shall not own more land than
may be necessary for its office building, unless for the pur-
pose of securing or obtaining payment of debts due to or
contracted with it in the transaction cf its business.

do. The number of directors of this company shall be
twe snty (any five of whom shall constitute a quorum) to be
elected ; annually by the stockholders at their annual meeting
in Richmond, to be held on the second Tuesday of January
in each year, éxcept that the first board of directors shall be
elected at such meeting as the corporators, or a majority of
them in the first section of this act mentioned, shall call by
written or printed notice mailed to cach subscriber at least
three days before such meeting. The directors shall et
one of their nfmber president. and two vice-presidents.

their first meeting after their election, which meeting sk:
be held immediately after the stockholders’ meeting. Ai
the affairs of the company shall be managed by the pre
dent and directors, and they shall appoint such office
clerks, and agents as may be found necessary for the trar
action of the business of the company here or elsewhe:
and take such bonds from each as they may deem proper

secure the fuithful discharge of the duties of each; and tl
board oc directors may allow such compensation to the oat
cers, Clerks, and agents of the company as they maw dee
proper. The stockholders may, at any annual meeting. r
duce the number of directors, but not below seven.

6. The president and directors shall have power to declar
such dividends of the profits of the company as they ma
deem proper, but no dividend shall be declared, which in th
opinion of the majority of the board would lessen or Im pal
the capital of the company. And no stockholder sball b
liable or responsible for any losses or debts of the compan:
beyond the amount of his stock or the amount unpaid thereon
- 7. All policies of insurance and other contracts made by
tue company signed by the president and countersigned by
the secretary, manager, or authorized agent of the company
shall be obligatory on the company and “have the same effect
as if attested by a corporate seal.

8. This act shall be in force from and after its passage.