CHAP. 317.—An ACT to incorporate the Danville fire insurance
company of Danville, Virginia.

Approved February 20, 1892.

1. Be it enacted by the general assembly of Virginia,
That John R. Pace, W. P. Hodnett, G. P. Talbott, R. L.
Dibrell, J. D. Spencer, D. A. Overbey, E.G. Mosley, and M.
P. Jordan, together with such other persons as may be here-
after associated with them, shall be, and are hereby, con-
stituted and made a body politic and corporate, by the
name and style of Danville fire insurance company, of
Danville, Virginia, and by that name and style are invest-
ed with all the rights and privileges conferred and made
subject to all the rules, regulations, and restrictions im-
posed by the code of Virginia applicable to such corpora-
tions and not inconsistent with this act.

2. The capital stock of said company shall not be less
than one hundred thousand dollars nor more than two
hundred thousand dollars, divided into shares of one hun-
dred dollars each.

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3. 80 soon as the sum of one hundred thousand dollars
shall have been subscribed to and paid on the capital
stock of said company, the persons named in this act of
incorporation, or a majority of them, shall call a meeting
of the subscribers by giving five days’ notice, by publica-
tion In some newspaper published in the city of Danville,
Virginia, or otherwise, at which meeting the subscribers
may elect not less than seven nor more than eleven direc-
tors, and adopt such by-laws and regulations as they may
deem necessary for the management and conduct of the
affairs of said company. The directors so elected shall
constitute the first board of directors, and continue in of-
fice for one year and until their successors in office shall
be elected.

4. The board of directors shall be elected at every an-
nual meeting, and may be removed by the stockholders in
general meeting; but, unless so removed, shall continue
in office until their successors shall be elected. The board
of directors shall fill any vacancy occurring in said board,
unless it be by removal, in which case the stockholders
shall fill the same in general meeting. The said board
shall appoint from its own body a president and a first
and second vice-president; and said board shall appoint,
to hold during its pleasure, the subordinate officers and
agents of said company, and take from them such bonds
with such security as it may deem fit.

5. The said company shall have power and authority to
make insurance against any damage or loss by fire or light-
ning, or by any other liability, casualty or hazard, upon
any and every kind of property, real, personal, or mixed,
in this State, in the United States or in foreign countries.

6. The said company shall have power and authority to
invest its capital stock, moneys, or other funds in bank or
other stocks in the purchase of bonds of this or any other
state of the United States and the bonds of any incorpo-
rated company; to purchase gold and silver coin or bul-
lion, bills of exchange, notes, bonds, stocks, and other evi-
dences of debt; to purchase mortgages, deeds of trust,
bills of sale, assignments, and pledges on property, real or
personal; to lend money upon real and personal security,
upon such time, in such amounts, and to such persons as
it may deem best, and to receive the interest therefor in
advance; to guarantee the payment of promissory notes,
bills of exchange, and other evidences of debt; to rent or
sell any real estate or interest therein owned by it; and
to hire, sell, or hypothecate any personal property owned
by it.

". The said company shall have power and authority to
hold such real estate as shall be necessary for the conve-
nient conduct of its business, and to purchase and sell
such real estate as may be necessary to secure and satisfy
debts and claims due it; but it shall not hold more than
one million dollars’ worth of real estate at any one time.

8. The stockholders of said company shall not be liable
for any loss, damage, or responsibility beyond the amount
of their stock and undivided profits arising therefrom.

9. In assessing the taxes upon thé property of said com-
pany the assessed value of the real estate shall always be
deducted from the aggregate assessed value of the capital
stock.

10. All taxes accruing to the state of Virginia under this
charter shall be paid in money, and not in coupons.

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