Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1835-06-11
SLAVE INSURANCE. COMPANY.
AN ACT to incorporate the Virginia slave In
sorance company. Passed March 10, 1885.

6iy, That II shall be lawful to open
books under the direction of Jas. Hite.
John Yates, Braxton Davenport, VIM.
Butler, George Reynolds, Matthew
Ransom, Edward Lucas, senior, and
George Beall, commissioners, or any
two or more Of them, at such times
and places as they may designate, for
the purpose Of receiving subscriptions
to the amount Of one hundred thousand
dollars. in shares Of 100 dollars each,
to constitute joint capital stock for
the purpose Of insuring against losses
by the Ascending of slaves. The time
and place of receiving subscriptions rs
aforesaid shall be advertised in the
newspapers published in Charlestown,
and nj or near where subscriptions may
be proposed TO be taken, and the books
for receiving the same shall not be
closed in less than thirty days; and if il
shall appear that more than one thou
sand shares of the capital stock afore-
said shall have been subscribed for
within that period, il shall be the duty
OF the said commissioners TO reduce
the number of shares subscribed for.
among the subscribers, in fair and equal
proportions to the amount of stock sub
scribed for respectively by each, until
the whole amount of shares have been
reduced TO one thousand; but il the
whole number of shares shall not be
subscribed for within the said thirty
days, then the books may be closed or
continued open, as majority of the
above named commissioners NAV Judge
to be most beneficial, until the whole
number Of shares shall be subscribed
for, or until the company be organized.
:. BE IL further eaacfed, That when
ever one hundred shares or more shall
have been so subscribed, and two dol
lars upon each share paid, as hereinafter
provided, then the subscribers, hay ing
so paid, shall be, and they are hereby
declared TO be, from time 10 time, boz
dy corporate and polite, in fact and in
name, by the name and style of The
Virginia Slave Insurance Company !"
and by the said name, they and their
successors shall and may have continu-
al succession, and be capable in law OF
suing and being sued, pleading and be-
ing implicated, answering and being
answered unto, defending and being de-
Tended, in all courts and places, in all
manner of actions. suits, complaints,
matters and causes whatsoever; and
that they and their successors NAV
have and use a common seal, and NAV
change and alter the same at pleasure.
and may, by the same name, be capable
OF purchasing, holding or conveying
any estate, real or personal, for the
use OF the said corporation, subject to
the restrictions hereinafter mentioned.
3. Be IL further enacted, That no
person shall be regarded as valid sub
scriber, unless he shall, at the first gen
erai meeting called for the election of
directors and for the organization of the
company, have paid TO the said COM
missioners, for the benefit of the COM
pany, two dollars on each share sub
scribed for by him; and the additional
sums due upon said shares shall be paw
able by each subscriber at such time or
times sfhey may be called for by the
president and directors, and in such pro-
portions or instruments as they shall
deem. necessary; and Many subscriber.
his executors, administrator or assigns 4
shall fail 10 pay the sum so called for
upon each and every share so held BY
him, her OF them, within sixty DAYS al
ter the same has been called for and
demanded, every such share, and all
the moneys which may have been
paid, or profits which may have arisen
thereon, shall be forfeited TO the use of
said corporation; and the holder or
holders Of such share or shares shall
moreover be liable for the remaining
sums due or payable upon the said
shares, whenever the same shall be call
ed for by the said president and direc-
tors.
4. Be IL further enacfed, That the
said corporation are allowed and aulho-
rized TO increase the said capital stock
from Tune to time, As they may find
necessary or expcdieni, 10 one hundred
thousand dollars.
D. BE IL further enacted, That the
said corporation hereby created shall
have power and authority 30 make
insurance upon slaves against their alb
sconding from their owners, and that
they may also cause themselves a. DC
insured against risks upon the interests
they may have in any slaves in virtue
Of any loan OF loans, % Of any policy
or contract o. insurance IN the county
Of Jefferson oF elsewhere.
9. Be " further enacfsd, That the
stock and affairs Of said corporation
shall be managed and conducted by
Twelve directors, who shall be- residents
of thia state. and shall be elected on
The first Monday in May in each and
every year, and II such place in the
county Of Jefferson A. The board Of d.
rectors for the time being shall ap-
point, and shall hold their Offices 6r
one year, and until others shall be eho-
sen 10 supply their places, and no Ion.
ger; and notice q such time and
place II such annual aierfioo shau Ne