Chap. 396.—An ACT to amend and re-enact section 35 of chapter 36
of the Code of 1873, in relation to returning bonds to insurance
companies.

Approved March 12, 1884.

1. Beit enacted by the general assembly of Virginia, That
section thirty-five of chapter thirty-six of the Code of eigh-
teen hundred and seventy-three, be amended and re-enacted
30 as to read as follows:

$35. If such company shall cease to carry on business in
this state, and the liabilities of such company upon its in-
surance policies, whether fixed or contingent, to the citizens
and inhabitants of this state shall have been satistied or ter-
minated upon satistactory evidence of this tact to the trea-
surer, he shall deliver to such insurance company the bonds
deposited with bim by said company, or such as he purchased
under the preceding section, or such of them as remain after
paving the liabilities of said company provided for in’ the
fitth section of this act. or if such company shall reduce the
amount of its liabilities, both fixed and contingent, upon its
policies of insurance to the citizens and inhabitants of’ this
state below the amount of the bonds in the possession of the
treasurer, he may deliver to such company a part of the
bonds deposited by said company with him, but so that the
bonds in his possession shall always be equal to the liabilities
of said company upon the insurance policies to citizens and
inhabitants of this state; or if such company shall cease to
carry on business in this state, and the fixed habilities of such
company for losses or taxes shall have been satisfied, and the
contingent liabilities under its insurance: policies shall have
been assumed by another company doing business in this
state, in the event that such re-insuring company, if non-
resident, has deposited with the treasurer bonds or other
securities not less in value than those of the company pro-
posing to retire, the treasurer sball, upon receiving a duly
attested copy of the contract between the two companies by
which the risks of the retiring company are assumed by the
other company, deliver to such company proposing to with-
draw, the bonds or other securities deposited with him by the
said company.