Chap. 342.—An ACT to amend and re-enact section 7 of an act approved February
21, 1896, and entitled an act to amend and re-enact sections 7, 8, 9, 10, and 25 of
an act entitled an act to regulate and control guaranty, trust, indemnity, fidel-
ity, and other like companies, having for their purpose, or one of their purposes,
to become surety for the faithful performance of any trust, duty, contract,
agreement, or bond, public or private, official or otherwise, or to assume any
duty or obligation of like nature as principal or otherwise, or to become fidu-
ciary, approved March 5, 1894.

Approved March 28, 1902.

1. Be it enacted by the general assembly of Virginia, That section
seven of an act approved February twenty-first, eighteen hundred and
ninety-six, entitled an act to amend and re-enact sections seven, eight,
nine, ten, and twenty-five of an act entitled an act to regulate and con-
trol guaranty, trust, indemnity, fidelity, and other like companies, having
for their purpose, or one of their purposes, to become surety for the faith-
ful performance of any trust, duty, contract, agreement, or bond, public
or private, official or otherwise, or to assume any duty or obligation of
like nature as principal or otherwise, or to become fiduciary, approved
March fifth, eighteen hundred and ninety-four, be amended and re-
enacted so as to read as follows:

§ 7. Securities to be deposited with the treasurer.—Every such com-
pany, whether incorporated by the laws of this State or not, shall, by an
agent employed to superintend or manage its business in this State, de-
ACTS OF ASSEMBLY. 35%

liver, under oath, to the treasurer of this State a statement of the amount
of capital stock of said company, and deposit with him bonds of the
State of Virginia or of the United States, or bonds of the cities of Rich-
mond, Petersburg, Lynchburg, Norfolk, Portsmouth, Roanoke, Alexan-
dria, Danville, or Newport News, to an amount equal to five per centum
on said capital stock, and the treasurer shall thereupon give the agent
receipt for the same: provided, that the cash values of the securities sc
deposited need not be more than twenty-five thousand dollars nor les:
than twelve thousand five hundred dollars. Said securities shall be
assigned to said treasurer and his successors in office in trust for the pur-
poses of this act.

Upon the exhibition of the said receipt to the commissioner of the
revenue of the county, city, or district in which an office of the said com-
pany in this State is, or is intended to be, located, and the payment of
the specific license tax which may be imposed thereon, a license shall be
issued in the manner prescribed by law to the said company to carry on
its business. And if, at the end of the period for which a license is given,
the said company desire another license, it shall only be given on the cer-
tificate of the treasurer that the bonds required by this section to be de-
posited with him are in his possession. The treasurer shall require any
such company to make good any depreciation or reduction in value of
said securities, and he shall, in the month of December of every year,
examine all securities so deposited with him for the purpose of ascer-
taining whether any of them have depreciated or have been reduced in
value.

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