§ 38.2-1204. Power to enter into reciprocal insurance contracts
A. Persons of this Commonwealth may enter into reciprocal insurance contracts with each other and with persons of other states and countries. For the purposes of this chapter, the definition of "person" shall also include any county, city, or town, school board, Transportation District Commission, or any other local governmental authority or local agency or public service corporation owned, operated or controlled by a locality or local government authority, with power to enter into contractual undertakings within or without the Commonwealth.
B. For any corporation now existing or hereafter organized under the laws of this Commonwealth, the power and authority to enter into reciprocal insurance contracts shall be in addition to the powers conferred upon it in its certificate of incorporation, and shall be incidental to the purposes for which the corporation is organized.
(Code 1950, §§ 38-543, 38-550; 1952, c. 317, §§ 38.1-692, 38.1-693; 1986, c. 562.)
Sections: Previous 38.2-1200 38.2-1201 38.2-1202 38.2-1203 38.2-1204 38.2-1205 38.2-1206 38.2-1207 38.2-1208 38.2-1209 38.2-1210 38.2-1211 38.2-1212 38.2-1213 38.2-1214 NextLast modified: April 3, 2009