CHaP. 223.—An ACT to Incorporate The Farmers’ Mutual Insurance
ompany.

Approved April 20, 1874.

1. Be it enacted by the general assembly, That Thomas
P. Fitzpatrick, Taylor Berry, J. R. Peebles, John V. Wheeler,
Walter C. Fitzpatrick, James Pitler, and J. Thompson Brown
and such others as may associate with them under this act,
be, and they are hereby created and declared to be, a body
corporate and politic by the name and style of The Farmers’
Mutual Insurance Company, and by that name may sue and
be sued, plead and be impleaded in all the courts of law and
equity in this state or elsewhere, and have perpetual succes-
sion; to have, make and use a common seal, and the same to
alter or renew at their pleasure; to ordain and publish such
by-laws, ordinances and regulations as they may think pro-
per; and, generally, td do every act and thing necessary to
carry into effect this act, or to promote the object and design
of this corporation: provided, that the same be not in con-
fiict with the laws of this state or of the United States.

2. Said corporation shall have power to make insurance of
any kind in the fire and marine line, on the mutual plan, on
houses, cargoes, vessels and every description of property
whatever, and grant renewals of expired policies on the
same; cause themselves to be insured against any risks upon
‘which they may make insurance.

3. The company may receive money on deposit and grant
certificates therefor, but in no case are such deposits to be
held liable to make good any policy of insurance issued by
this company, or any other contract made by it; may bor-
row money and execute notes for the same; may guarantee
the payment of money due, or to become due, upon bills of
exchange, negotiable notes, bonds or other written evidences
of debt, and the performance of other written contracts:
provided, however, that nothing herein shall be so construed
as to allow the taking of a greater rate of interest than that
fixed by law.

4. The funds of the company, however derived, may be
invested in, or lent on, any stock or real security, or be used
in purchasing or discounting bonds, bills, notes or other pa-

er: provided, that the rate of interest shall be lawful at the
vate of each transaction, but the interest in any such trans-
action may be demanded and received in advance; and the
said company shall have authority to purchase or otherwise
acquire any estate, real or personal, for the purpose of secur-
ing any debt that may be due, or for the purpose of promo-
ting the objects and design of this corporation, and may sell,
convey transfer or assign the same.

5. The persons named in the first section of this act shall
be the directors of the company until others are elected; from
their number they shall select a president, who shall continue
in office until the first day of July, eighteen hundred and
p-. seventy-five, or until his successor is appointed. In case of
@ vacancy in the office of president or director the same shall
be filled by the remaining directors; the number of directors

in- may be increased or diminished at the pleasuro of the board,
so that it shall not exceed ten nor be less than four; the gen-

eral meetings of the company shall be on the first Saturday
in July of each after eighteen hundred and seventy-four, or

u- such other day as may be fixed upon by the directors. Three
directors shall constitute a quorum for the transaction of

sp- business. The board of directors shall have authority to ap-

7 ,. point such officers, agents or committees as may be necessary
to the proper management of the business of the company

n and fix their compensation; may take from such agents bond
with security, conditioned for the faithful discharge of their

va- duty. Such agents to be removable at the pleasure of the
president, subject to the approval of the board, or by the

oard of directors. .

6. The company shall have the power to receive premiuns

' or deposit notes from those who effect insurance which shall
be paid at such time or times, and in such sum or sums, as-
the directors may require, and also fix the amount which

ts Shall be paid in cash at the time of effecting the insurance.

e The cash premiums, together with the premium and deposit
notes shall constitute the capital stock of this company,
which may be increased by a guarantee capital, in the dis-
cretion of the board of directors, to be paid up or properly
secured by guarantee notes, trust deeds, mortgages on real
estate or other securities, and those furnishing such capital
shall receive in consideration of the same, such a per centum.
of the profits and dividends as may be determined on by the
board of directors, and shall be entitled to vote in the ratio

x of.one vote for every hundred dollars of such capital so far-

*® nished, in the election of directors, and in all general meet-.

pi-ings of the cdbmpany. The said guarantee capital shalt
be liable for the losses of the company whenever the cash
premiums and premium notes are insufficient to pay the same.

or Certificates may be issued for such guarantee capital when

"P the same is paid in full, transferable only on the books of the
company; but no person whilst indebted to the company
shall have the right to transfer his guarantee capital, and
the same shall be liable to the company for the payment of
such indebtedness over all other creditors of suc rson.

r- AJ] insurers in said company shall, in the meetitigs thereof,
have one vote for each one hundred dollars of cash premium.
paid, so long as his policy is in force. - ,

al- 7. If any member of the company. shall fail to pay any

- assessment for thirty days after a written or printed notice
shall have been mailed to his, or her, or their address, the
company may bring suit and recover the whole amount of

, such premium note or notes, and may declare the policy of
such person revoked.

by 8. Every policy issued by this company shall of itself create
lien on the real and personal property insured in such policy,
yr the payment of all premium notes given for the same.

9. The principal office of this company shall be located at 0
rrington, in the state of Virginia, and the board of direc- ¢;
>rs shall have power and authority to establish branch offices p
t any other place or places they may deem proper, or change
he home office to such other place in the state as they may
hoose.

10. All policies of insurance and other contracts made by P
his company, signed by the president, and countersigned by ¢
he secretary, shall be obligatory on the said:company, and ©
ave the same effect as if attested by a corporate seal.

11. The board of directors shall allow the president and c
ther officers a reasonable compensation for their services, °
o be established and fixed, from time to time, by said board.

12. This act shall be in force from its passage. c