CHAP. 116.—An ACT to ainend and re-enact sections 28, 29 and 30, of
chapter 36, Code 1873, in relation to deposits of foreign insurance
companies.

Approved February 27, 1880.

1. Be it enacted by the general assembly, That sections
twenty-eight, twenty-nine and thirty, chapter thirty-six of the
Code of eighteen hundred and seventy-three, be amended and
re-enacted so as to read as follows:

§ 28. No insurance company which has not been incorporated
under the laws of the state of Virginia, shall carry on its busi-
ness 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 bonds of the state of Virginia,
or bonds of the United States, or bonds of the cities of Rich-
mond, Petersburg, Lynchburg, Norfolk, Alexandria or Dan-
ville: provided, that in no case shall any company receive a
license to do business in this state without first making a de-
posit 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. The
treasurer shall have power to call upon any such insurance
company to make good any deduction 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 ascer-
taining whether any of them have become depreciated.

§29. Any such company desiring to carry on the business of
insurance shall, by an agent employed to superintend or man-
age its business in this state, deliver under oath to the treasurer
a statement of the amount of the capital stock of said com-
pany, and make with him a deposit of bonds as prescribed in
the preceding section, but no single bond so deposited shall
exceed in amount the sum of ten thousand dollars; and the
treasurer shall thereupon give to the said agent a receipt for the
same, and upon the exhibition of the said receipt to a commis-
sioner of the revenue or township assessor of the county or cor-
poration in which an office of the said company in this state is or
is intended to be located, and having paid the specific license tax
which may be imposed thereon, a license shall be issued in the
manner provided by law to said company to carry on its busi-
ness; and if at the end of the period for which a license is
given the said company shall desire another license, it shall
only be given on the certificate of the treasurer that the bonds
required by this act to be deposited with him are in his pos-
session.

§ 30. If the bonds deposited with the treasurer are registered
bonds, the company shall at the same time deliver to him
a power of attorney authorizing him to transfer the said bonds,
or any part of them, for the purpose of paying any of the
liabilities provided for in this act.

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