Chap. 498.—An ACT to amend and re-enact section 4204 of the Code of Vir-
ginia. [S B 374]
Approved March 25, 1920.

1. Be it enacted by the general assembly of Virginia, That section
forty-two hundred and four of the Code of Virginia be amended and
re-enacted so as to read as follows:

Sec. 4204. Minimum capital stock of companies, surplus; regula-
tions concerning companies incorporated outside of the United States
and hereafter applying for licenses to do business in this State.—
No insurance company shall be hereafter organized undér the laws
of this State, on the stock plan, with less than one hundred thousand
dollars capital and fifty thousand dollars surplus. Before such com-
panies shall begin business, the whole capital shall be paid in and
invested in treasury notes, in stock or bonds of the United States, or
of the State of Virginia, or of any municipality or county thereof,
or in mortgages or unencumbered real estate within this State worth
at least double the amount loaned thereon.

No insurance company except companies transacting the business
of industrial sick benefit insurance or industrial life insurance on the
weekly or monthly payment plan organized under the laws of another
State or territory or district of the United States, organized on the
stock plan, hereafter applying for a license to do business in this
State, shall be allowed admission to this State, unless such company
shall be possessed of at least two hundred thousand dollars capital.
fully paid in and invested as required by the laws of the State where
such company was organized; provided, however, that the foregoing
requirements in this section contained shall not apply to such life 1n-
surance companies as were on February 15, 1920, licensed in this State.
nor to renewals of such licenses.

No insurance company incorporated outside of the United States
hereafter applying for a license to do business in this State shall be
allowed admission to this State unless such company shall have de-
posited with the treasurer of the Commonwealth or with the proper
ofhcer of some State of the United States, for the general protection
of its policy holders, the sum of at least two hundred thousand dollars
in the interest paying bonds or stocks of the United States or of this
State or of any municipality or county thereof or in the interest pay-
ing bonds or stocks of some other State of the United States or of
some municipality or county thereof of a market value of two hun-
dred thousand dollars, or in bonds and mortgages on unencumbered
real estate in this State or some other State of the United States of
at least double the value of the amount loaned thereon or as otherwise
required by the laws of the State where such deposit is maintained.
This section shall not be construed to repeal or in any way affect
the provisions of section forty-two hundred and eleven of this Code.