Chap. 255.—An ACT to amend the Code of Virginia by adding thereto a new section
numbered 4241-a, prohibiting insurance companies incorporated or organized
under the laws of Virginia from removing from this State their entire property
or business or substantially all of their property or business, any material part
thereof, without the approval of the State Corporation Commission, and pro-
viding penalties for violations. [H B 383]

Approved March 18, 1942

1. Be it enacted by the General Assembly of Virginia, That the
Code of Virginia be amended by adding, thereto a new section numbered
forty-two hundred and forty-one-a, which new section shall read as
follows:

Section 424l-a. Domestic insurance companies prohibited from
removing, without the approval of the State Corporation Commission,
their entire, or substantially all of their property or business from State;
penalties—No insurance company incorporated or organized under the
laws of this State shall remove from this State its entire property or
business, or substantially all of its property or business, without the writ-
ten approval of the State Corporation Commission.

Any insurance company violating any provision of this section shall
be punished as provided in section forty-two hundred and thirty-one;
and any director or officer of such insurance company consenting to and
participating in such violation shall be guilty of a misdemeanor and upon
conviction shall be punished by a fine of not less than one hundred
dollars and not more than one thousand dollars, or by imprisonment in
jail for not more than one year, or, by both such fine and such imprison-
ment.
Z. An emergency exists and this act is in force from its passage.