CHAPTER 181

An Act to amend and reenact § $8.1-286 of the Code of Virginia, relating
to collection of premiums on certain insurance contracts. [H 471]

Approved February 28, 1956

Be it enacted by the General Assembly of Virginia:

1. That § 38.1-286 of the Code of Virginia be amended and reenacted
as follows:

§ 38.1-286. On every contract of insurance of the kind classified and
defined in §§ 38.1-6, 38.1-7, and 38.1-8, written, countersigned or delivered
by a resident agent or company representative of any company and cover-
ing a subject of insurance resident, located, or to be performed in this
State, the full premium on the contract shall be collected when such con-
tract is written, issued or delivered, or within a reasonable time there-
after, provided, however, nothing in this section shall prevent a resident
agent or company representative from accepting from a policy holder of
such insurance a promissory negotiable note for said premium payable at
a future date in lieu of said collection.