Chap. 326.—An ACT to amend and re-enact the sixty-eighth section of
chapter thirty-four of the Code of eighteen hundred and seventy-
three, as amended and re-enacted by an act approved the thirteenth
day of February, eighteen hundred and seventy-seven, in relation to
the deposit of securities to be made by foreign insurance companies as
& prerequisite to obtaining license.

Approved April 4, 1877.

1. Beit enacted by the general assembly of Virginia, That
section sixty-eight of chapter thirty-four of the Code of
eighteen hundred and seventy-three, as amended and re-
enacted by-an act approved February thirteenth, eighteen
hundred and seventy-seven, be amended and re-enacted so as
to read as follows:

§ 68. No insurance company, which has not been in¢corpo-
rated under the laws of the state of Virginia, shall carry on
its business in this state without first obtaining a license to
transact its business in the manner. prescribed by law; and
no such company shall receive such license until it shall have
deposited with the treasurer of the state registered converti-
ble coupon bonds of the state of Virginia, or of public cor-
porations guaranteed by the state of Virginia, or bonds
of the United States, or bonds of the cities of Richmond,
Petersburg, Lynchburg, Norfolk, Portsmouth, Alexandria,
Danville or Staunton, or first mortgage railroad bonds of a
railroad company chartered by this state, or bonds of indi-
viduals residents of this state, executed for money loaned by
Raid company since the third day of February, eighteen
hundred and sixty-six, and secured by deed of trust on real
estate in this state worth doublethe value of such loan or
debt, together with the policies of insurance upon the pro-
perty so mortgaged, approved by the said treasurer, or bonds
of municipal corporations of this state, secured by deed of
trust on real estate to an amount which shall be equal to five
per centum of the capital stock or asscts of the company
depositing the same, such deposit being estimated at the
market value thereof at the time such deposit is made: pro-
vided that in no case shall any company receive a license to
do business in this state without first making a deposit of
securities according to the provisions of this act, the cash
value of which shall be at least ten thousand dollars; and no
company sball be required to deposit such securities to an
amount exceeding, in cash value, fifty thousand dollars:
provided further, that the provisions of this section shall not

e construed as applying to foreign insurance companies
doing exclusively a marine insurance business in this state,
or to any company where exclusive business is insurance
against accidents by means of accident tickets or policies.
The treasurer shall have power to call upon any such insur-
ance company to make good any reduction in the value of
the securities deposited by it as aforesaid, so as to bring their
true value up to the amount to be deposited by it, and it shall
be his duty to examine all securities so deposited with him in
the month of December of every year, for the purpose of
ascertaining whether any of them have become deprcciated.

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