Chap. 828.—An ACT to incorporate the Tidewater insurance company of
Virginia.

Approved March 6, 1900.

1. Be it enacted by the general assembly of Virginia, That L. Shel-
den, John N. Vaughan, G. M. Serpell, Fergus Reid, J. E. Etheridge, N.
Beaman, Edward Spalding, George C. Reid, D. Humphreys, 8. L. Foster,
and such other persons as may be associated with them, and their suc-
cessors, be, and they are hereby, made and constituted a body politic
and corporate, under the name of the Tidewater insurance company, of
Virginia, and by that name and style shall have a common seal, which
it may alter and amend at pleasure, sue and be sued, contract and be
contracted with, make, ordain, establish, alter, or amend by-laws and
regulations concerning all matters of organization and business not
herein specifically provided for to carry this act into effect or to pro-
mote the objects and designs of the corporation, and be generally in-
vested with all the rights and privileges appertaining to incorporated
companies under the laws of Virginia.

2. The capital stock shall not be less than twenty thousand dollars
nor more than three hundred thousand dollars, which said stock shall
be divided into shares of the par value of one hundred dollars each.
The said stock shall be deemed personal property, and shall be trans-
ferred on the books of the company in such manner as may be pre-
scribed by the directors, and each share of stock shall be entitled to one
vote at all the meetings of the stockholders.

3. The said company is authorized to do a general insurance » busi-
ness, and may insure dwelling house’, stores, and all kinds of buildings
and their contents, household furniture, boats and other vessels, pro-
duce, merchandise, and other property, cargoes of freight on railroad
cars, boats, or other vessels against damage or loss by fire, lightning,
wind-storms, tornadoes, and all dangers of the sea, and to effect rein-
surance on any risk taken by it, and to reinsure risks taken by other
companies lawfully permitted to do business of similar or like char-
acter, either while within the bounds of this state or in transitu in or
to other states or countries. |

4. The management of said company shall be vested in a board of
directors composed of nine members, two-thirds of whom shall be citi-
zens of Virginia, with the right to increase their number should the
stockholders in general meeting, representing the majority of the stock,
so decide. The number of directors shall be elected annually by the
stockholders in general meeting. The president, vice-president, and all
other officers shall be elected by the board of directors, which shall
also fill all vacancies occurring in its own body. No stockholder shall
be allowed to vote on any stock at any meeting or election on any stock
which has not stood in his name for thirty days prior thereto or in
accordance with the by-laws of said company.

5. If any subscriber having any share or shares of stock shall neglect
or refuse to pay any instalment as the same may be called for by the
board of directors, or the stockholders in general meeting assembled
at such times as same shall be payable, the stock of said stockholder
shall be sold by order of the board of directors at public auction, giving
at least ten days’ notice thereof in some newspaper published in the
city of Norfolk, and the proceeds of such sale shall be first applied in
payment of the instalments called for, and the balance, if any, shall
be refunded to the owner of said stock.

6. All taxes and charges against said company on behalf of the said
state shall be paid in lawful money, and not in coupons.

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