Chap. 110.—An ACT to amend and re-enact sections three and five of
an act.to incorporate the Albemarle Insurance Company, passed March
first, eighteen hundred and fifty-four, as amended by an act amending
sections three, four, five, and nine of the act incorporating The Albe-
marle Insurance Company, approved February twenty-first, eighteen
hundred and seventy-one, and to make further provisions in regard to
the Charter of said Company.

Approved March 10, 1876,

1. Be it enacted by the general assembly, That sections
third and fifth of an act approved February twenty-first,
eighteen hundred and seventy-one, amending and re-enact-
ing sections third and fifth of the act incorporating The
Albemarle Insurance Company, approved March first, eigh-
teen hundred and fifty-four, be amended and re-enacted so as
to read as follows:

§ 3. To receive money on deposit and, when required, to
grant certificates therefor in accordance with the conditions
set forth in such certificates; but in no case are such deposits
on certificate to be held liable to make good the policies of
insurance issued by sail company. The holders of such cer-
tificates may, on thirty days’ notice, be required to return
the same for payment and cancellation, and interest thereon
shall cease at the expiration of thirty days after the service
of such notice. .

§5. The capital stock of said company shall be not less
than twenty thousand dollars nor more than four hundred
thousand dollars, to be divided into shares of not less than
twenty-five dollars each, as the president and directors may
determine. The said capital stock shall be payable by each
subscriber at such time or times as it may be called for by
the president and directors, and in such proportions as they
may deem necessary; and if any subscriber shall fail to pay
the same so called for, upon each and every share so held,
within twenty days after the same-has been called for and
demanded, then the amount so called for may be recovered
by motion, upon twenty days’ notice in writing, in any court
of record in the county, or place of residence of the holder
of such stock.

2. Be it further enacted, That stockholders indebted to
the company cannot sell or transter their stock without per-
mission of the board of directors, unless such indebtedness
is otherwise satisfactorily secured; and the board shall have
power to order the sale, after ten days notice to the delin-
quent, of any stock belonging to parties who shall have failed,
for ninety days or more, to pay the obligations due by them
to said company. ,

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