Chap. 74.—An ACT to amend section 68 of chapter 34 of the Code of

1878, as amended and re-enacted by acts approved February 13th, and
April 14th, 1877, in reference to insurance compunies.
Approved February, 20, 1878,

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

§ 68. No insurance company which has not been incorpo-
rated under the laws of the state of Virvinia, 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 hava
deposited with the treasurer of the state, bonds of the state
of Virginia or of public corporations, 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, Staunton, or Manchester,
or first-mortgage railroad bonds of a railroad company char-
tered by this state, or bonds of individuals residents of this
state, executed for money loaned by said 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
double the value of such loan or debt, together with the poli-
cies of insurance upon the property 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 capi-
tal stock of the company depositing the same, except where
the capital stock of any life insurance company shall be one mil-
lion dollars or more, then the deposit of such company shall be
equal to one per centum of such capital stock; such deposits,
in every case, being estimated at the market value thereof
at the time such deposit is made: provided 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 shall 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 be construed as ap-
plying to foreign insurance companies doing exclusively a
marine insurance business in this state, or to any company
whose exclusive business is insurance against accidents by
means of accident tickets or policies. The treasurer sball
have power to call upon any such insurance company to
make good any reduction in the value of the securities de-
posited 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 depreciated.

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