Chap. 452.—An ACT to amend and re-enact section 4211 of the Code of Vir-
ginia, as amended, in relation to deposit of bonds with the treasurer.
[H B 173]
Approved March 27, 1930

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

Section 4211. Unless otherwise provided, every insurance com-
pany except a company doing exclusively a marine insurance business,
and except a life insurance company within the terms of the provision
hereinafter set out in this section, and every guaranty, indemnity,
fidelity. security, or other like company, whether incorporated by the
laws of this State or not, shall, by an agent employed to superintend
or manage the business of such company in this State, or through some
authorized officer, deliver to the treasurer of this State a statement,
under oath, of the amount of the actual unimpaired capital of such
company, and deposit with him bonds of the United States, the State
of Virginia, or of the cities, towns or counties of this State, to an
amount to be fixed by the commissioner of insurance and approved
by him, of the actual cash value of not less than ten thousand dollars
nor more than fifty thousand dollars, but no single bond so deposited
shall exceed in amount the sum of ten thousand dollars. The treasurer
shall receipt to the company for the bonds so delivered to him. Upon
the face value of such deposits the treasurer shall make an annual
assessment of one-twentieth of one per centum to be by him collected
of the general agent of such company for this State, or if there be
no general agent, then of any local agent doing business for said com-
pany in this State to defray the expense of his office in the safe-keeping
and handling of such securities; and after the payment of said ex-
penses, whatever remains shall be paid by him into the general fund
of the State treasury. No part of said assessment shall be used to
increase the salaries or emoluments of any person or persons connected
with the office of said treasurer. The treasurer shall collect such as-
sessment annually in the month of January. If the bonds so deposited
be registered bonds, the company shall at the same time deliver to the
treasurer a power of attorney authorizing him to transfer said bonds,
or any part thereof, for the purpose of paying any of the liabilities
provided for in this title. The treasurer shall, in the month of Decem-
ber in every year, examine all securities so deposited with him for the
purpose of ascertaining whether any of them have depreciated or been
reduced in value, and shall forthwith require any such company to make
good any depreciation or reduction in value of the said securities,
and he shall immediately notify the commissioner of insurance in
writing of such action, together with a full description of the bonds
so deposited to make good their depreciation. The State shall be
responsible for the safe-keeping of all bonds or other securities de-
posited with the treasurer of the State, and if said bonds or any part
thereof shall be lost, destroyed or misappropriated, the State shall
make good such loss to the company making the deposit. Bonds or
other securities deposited with the State treasurer under this section
shall not be subject to taxation. This section shall not apply to, nor
shall any deposit of bonds be required of, any mutual fire insurance
company conducting business exclusively in this State, and on a strictly
mutual plan, which pays its losses wholly from assessments upon its
members, and makes no division or distribution of its earnings or profits
among its members, or to fraternal benefit companies, societies, or
orders, nor to insurance companies doing exclusively a marine busi-
ness in this State.

Provided, that the provisions of this section shall not apply to a life
insurance company, whether incorporated by the laws of this State
or not, which shall deliver to the commissioner of insurance of this
State a certificate, duly authenticated, showing that such company
has on deposit, with the insurance commissioner, treasurer or other
official body or officer of any State or States of the United States for
the protection of all the policyholders of such company, bonds of the
United States, of any State of the United States, or of the cities,
towns or counties thereof, bonds or notes secured by mortgage or deed
of trust on unencumbered real estate of the market value in each case
of not less than double the amount loaned, or such other securities
as may be approved by the commissioner of insurance of a cash mar-
ket value of not less than two hundred thousand dollars; and provided,
further, that the provisions of this section shall not apply to a fire in-
surance company, whether incorporated by the laws of this State, or not,
which confines its business in this State exclusively to the classes of
insurance authorized by clause first of section forty-three hundred and
five of the Code of Virginia and to automobile theft and burglary in-
surance under sub-section (e) of clause second, section forty-three
hundred and five of the Code of Virginia, which shall deliver to the
treasurer of the State, the statement, under oath, required by this sec-
tion, and shall, in lieu of such deposit of such bonds, enter into a bond
with surety, approved by the State corporation commission, for a sum,
to be fixed by the State corporation commission, in the penalty of not
less than ten thousand dollars nor more than fifty thousand dollars,
with such condition as the State corporation commission shall require.
shall be made for any time occupied in traveling where mileage 1s
allowed therefor, and only one mileage shall be allowed for any one
term of meeting of such board; provided, that on and after July first,
nineteen hundred and thirty, the rate of compensation for such services
of members of the board of supervisors of the county of Floyd shall
not be more than five dollars per day and mileage; and provided, fur-
ther, that on and after January first, nineteen hundred and twenty-
eight, the rate ot compensation for such services of members of the
board of supervisors of the county of Botetourt shall not be more than
five dollars per day and actual expenses while attending meetings of
the board, instead of six dollars per day and mileage, as aforesaid ;
provided, that in the county of Louisa, the supervisors shall receive no
mileage.

No supervisor shall draw pay for more than eighteen days in coun-
ties of ten thousand population and less, except that in Clarke county
they may be compensated for their services at six dollars per diem, for
not more than fifty days in any one year, and in addition thereto, they
may be paid five cents per mile for each mile necessarily traveled in
attending such meetings, and except that supervisors in the county of
Dickinson may draw pay for not more than twenty-five days; nor shall
he draw pay for more than twenty-five days in counties of more than
ten thousand and less than thirty thousand population, nor shall
he draw pay for more than thirty days in counties of thirty thousand
population and not over forty thousand, and counties of over forty
thousand population he shall draw pay for not more than forty days
in any one year; provided, that the provisions of this section shall not
prevent supervisors in the counties which have special road laws from
receiving additional compensation for services in connection with road
work done under special road laws now existing, or as hereafter
amended, if such compensation be allowed in such special road law.
But nothing in this act shall allow a member of the board of super-
visors to draw pay on the same day for services as supervisors and as
inspector or commissioner of roads or construction of bridges. With
the consent of the circuit court of their respective counties, the super-
visors of Henrico, Chesterfield and Nansemond counties may receive
as much as four hundred dollars each per annum and the supervisors
of Arlington county may receive as much as twelve hundred dollars
each per annum, and the supervisors of Roanoke and Brunswick coun-
ties, with the consent of the circuit court of said counties, may receive
as much as two hundred and fifty dollars each per annum, and mileage
as above provided, and the supervisors of the county of Henry, with
the consent of the circuit court of said county may receive as much
as two hundred dollars each per annum, and mileage as above pro-
vided, and the supervisors of the county of Alleghany, with the con-
sent of the circuit court of said county, may receive as much as six
hundred dollars each per annum and mileage, as above provided, and
the supervisors of the county of Rockingham, with the consent of
the circuit court of said county, may receive as much as three hundred