Chap. 307.—An ACT to incorporate the Life Insurance Company of the
‘ State of Virginia,

Passed February 28, 1806.

1. Be it enacted by the general assembly of Virginia, That
Joseph ht. Anderson, Samuel C, Robinson, W illiam H. Mae-
farland, A. G. De Lagnel, 8. 8S. Anderson, Robert S. Archer,
John F. Tanner, Asa Snyder, James Lyons, John Dooley,
Hamilton G. Fant, John ‘Purcell, Robert A. Payne, Samuel
S. Cottrell, Hugh W. Fry, W iHliam KE. Tanner, David S. Wat-
son, A. 5S. W atts, J. Steinbock, and all other persons who
may be hereafter associated with them in the manner hercin-
after provided, and their successors, be and they are hereby
declared to be a body corporate, by the name and style ot
The Life Insurance Company of the State ot Virginia.
2. The corporation hereby created shall have power to
make all and every insurance connected with or appertaining
to life risks; to grant, purchase or dispose of annuities an
reversions; and to purchase and hold such real estate as may
Le necessary tor the convenient transaction of sts business, or
as it may deem expedient for the purpose of securing or ob-
taining payment of debts contracted with the said corpora-
tion, in the transaction of its proper business.

There shail be a guarantee capital stock subscribed of not
less than one hundred thousand dollars, divided into shares
of one hundred dollars each; the holders of which shall be
entitled to receive, out of the profits, dividends not exceed-
ing ten per centum per annum on their stock, payable semi-
annually.

4. When the said guarantee capital stock is subscribed,
the company shall be organized by the election, by the sub-
scribers to the said stock, of thirty-six directors. Afterwards
there shall be an annual election of directors, and at each
election after the first, two-thirds of the directors shall be
elected by the holderseof the guarantee capital stock; and
the other third, by the other members of the company enti-
tled to vote in the election of directors. The directors shall
continue in office one year, or until their successors are ap-
pointed,

& There shall be an annual meeting of the company for
the election of directors, held in the city of Richmond, at
such time and place as the directors may appoint. A majority
of the guarantee capital stock, represented in person or by
proxy, shall constitute a quorum at such meeting for the
transaction of business. In all meetings of the company,
every shareholder shall be entitled to one vote for each share
ef the guarantee capital stock standing in his name on the
books of the company. And any person other than a holder
of one or more shares of the guarantee capital stock, insured
for lite, or who has insurance on the life of another white
person for lite, paying a premium of not Jess than one hun-
dred dollars per annum, or entitled to an annuity from the
company of not less than one hundred dollars per annum,
shall be in like manner entitled to one vote: and no other
person shall be entitled to vote in the meetings of the
company.

6. All persons who shall hereafter insure with the said
corporation, or purchase an annuity therefrom, their execu-
tors, administrators and assions, continuing to be insured
therewith, or entitled to receite an annuity therefrom, shall
thereby become members thereof during the time they shall
remain insured by the said corporation, or entitled to receive
an annuity therefrom, and no longer.

7. All the corporate powers of the company shall be ex-
ercised by the boaed of directors, and such officers and agents
as they may appoint. The board shall have power to declare,
bya by- law, What number of directors, less than a majority
of the whole, but not less than five, shall be a quorum for
the transaction of business.
8. The board of directors shall have power to enact by-
laws, rules and regulations for the government of the officers
and agents of the company, and the conduct of its affairs,
not inconsistent with the laws of the state or of the United
States. No alteration, amendment or addition to the original
by-laws shall be made, except by a vote of a majority of the
board of directors. The board shall be convened for such a
purpose by a notice to each director, expressing the altera-
tion, amendment or addition proposed to be made; and the
ayes and noes shall be taken aud recorded on each question.

9. The board shall have power, by a vote of the majority
of the whole number of directors, to fill vacancies in its
number, occasioned by death, resignation or removal.

10. The board shall elect one of its members president of
the company, who shall continue in office one year, or until
his successor is appointed.

11. Not less than fifty per centum of the guarantee capital
stock and earnings of the said corporation shall be invested
in loans secured by deeds of trust or other lien or unincum-
bered real estate, worth double the amount loaned; and the
residue thereof shall be invested in the stocks of the state of
Virginia, or of the United States, or of any incorporated city
in the said states, or in bonds guaranteed by any such state
or city, or in bills receivable, satisfactorily secured by per-
sonal or collateral security. |

12. Within thirty days after the expiration of three years
from the first day of January, one thousand eight hundred
and sixty-six, and within thirty days after the expiration of
every term of three years thereafter, a statement shall be
made showing the transactions and condition of the company.
If it shall appear from such statement, that after paying all
expenses, losses of the company and dividends to the holders
of the guarantee capital stock, and after making adequate
provision for all outstanding policies and annuities for which
the company is bound, there is a surplus of accumulated pro-
fits remaining, such surplus shall be disposed of as follows:
Seven-eighths thereof shall be divided among the holders of
existing policies, who are entitled, by the terms of their poli-
cies, to participate in the profits of the company in propor-
tion to the amount of premiums theretofore paid by them
respectively; to be paid to the said policy-holders, in such
manner, at such times, and upon such conditions as the board
of directors may prescribe; and the remaining one-eighth
thereof shall be paid to the holders of the guarantee capital
stock; which shall be a bonus to them, in addition to the
dividends provided for under section three.

13. This act shall take effect from its passage, and shall be
subject to amendment, modification or repeal, at the pleasure
of the general assembly of Virginia.
Chap. 307.—An ACT to incorporate the Life Insurance Company of the
‘ State of Virginia,

Passed February 28, 1806.

1. Be it enacted by the general assembly of Virginia, That
Joseph ht. Anderson, Samuel C, Robinson, W illiam H. Mae-
farland, A. G. De Lagnel, 8. 8S. Anderson, Robert S. Archer,
John F. Tanner, Asa Snyder, James Lyons, John Dooley,
Hamilton G. Fant, John ‘Purcell, Robert A. Payne, Samuel
S. Cottrell, Hugh W. Fry, W iHliam KE. Tanner, David S. Wat-
son, A. 5S. W atts, J. Steinbock, and all other persons who
may be hereafter associated with them in the manner hercin-
after provided, and their successors, be and they are hereby
declared to be a body corporate, by the name and style ot
The Life Insurance Company of the State ot Virginia.
2. The corporation hereby created shall have power to
make all and every insurance connected with or appertaining
to life risks; to grant, purchase or dispose of annuities an
reversions; and to purchase and hold such real estate as may
Le necessary tor the convenient transaction of sts business, or
as it may deem expedient for the purpose of securing or ob-
taining payment of debts contracted with the said corpora-
tion, in the transaction of its proper business.

There shail be a guarantee capital stock subscribed of not
less than one hundred thousand dollars, divided into shares
of one hundred dollars each; the holders of which shall be
entitled to receive, out of the profits, dividends not exceed-
ing ten per centum per annum on their stock, payable semi-
annually.

4. When the said guarantee capital stock is subscribed,
the company shall be organized by the election, by the sub-
scribers to the said stock, of thirty-six directors. Afterwards
there shall be an annual election of directors, and at each
election after the first, two-thirds of the directors shall be
elected by the holderseof the guarantee capital stock; and
the other third, by the other members of the company enti-
tled to vote in the election of directors. The directors shall
continue in office one year, or until their successors are ap-
pointed,

& There shall be an annual meeting of the company for
the election of directors, held in the city of Richmond, at
such time and place as the directors may appoint. A majority
of the guarantee capital stock, represented in person or by
proxy, shall constitute a quorum at such meeting for the
transaction of business. In all meetings of the company,
every shareholder shall be entitled to one vote for each share
ef the guarantee capital stock standing in his name on the
books of the company. And any person other than a holder
of one or more shares of the guarantee capital stock, insured
for lite, or who has insurance on the life of another white
person for lite, paying a premium of not Jess than one hun-
dred dollars per annum, or entitled to an annuity from the
company of not less than one hundred dollars per annum,
shall be in like manner entitled to one vote: and no other
person shall be entitled to vote in the meetings of the
company.

6. All persons who shall hereafter insure with the said
corporation, or purchase an annuity therefrom, their execu-
tors, administrators and assions, continuing to be insured
therewith, or entitled to receite an annuity therefrom, shall
thereby become members thereof during the time they shall
remain insured by the said corporation, or entitled to receive
an annuity therefrom, and no longer.

7. All the corporate powers of the company shall be ex-
ercised by the boaed of directors, and such officers and agents
as they may appoint. The board shall have power to declare,
bya by- law, What number of directors, less than a majority
of the whole, but not less than five, shall be a quorum for
the transaction of business.
8. The board of directors shall have power to enact by-
laws, rules and regulations for the government of the officers
and agents of the company, and the conduct of its affairs,
not inconsistent with the laws of the state or of the United
States. No alteration, amendment or addition to the original
by-laws shall be made, except by a vote of a majority of the
board of directors. The board shall be convened for such a
purpose by a notice to each director, expressing the altera-
tion, amendment or addition proposed to be made; and the
ayes and noes shall be taken aud recorded on each question.

9. The board shall have power, by a vote of the majority
of the whole number of directors, to fill vacancies in its
number, occasioned by death, resignation or removal.

10. The board shall elect one of its members president of
the company, who shall continue in office one year, or until
his successor is appointed.

11. Not less than fifty per centum of the guarantee capital
stock and earnings of the said corporation shall be invested
in loans secured by deeds of trust or other lien or unincum-
bered real estate, worth double the amount loaned; and the
residue thereof shall be invested in the stocks of the state of
Virginia, or of the United States, or of any incorporated city
in the said states, or in bonds guaranteed by any such state
or city, or in bills receivable, satisfactorily secured by per-
sonal or collateral security. |

12. Within thirty days after the expiration of three years
from the first day of January, one thousand eight hundred
and sixty-six, and within thirty days after the expiration of
every term of three years thereafter, a statement shall be
made showing the transactions and condition of the company.
If it shall appear from such statement, that after paying all
expenses, losses of the company and dividends to the holders
of the guarantee capital stock, and after making adequate
provision for all outstanding policies and annuities for which
the company is bound, there is a surplus of accumulated pro-
fits remaining, such surplus shall be disposed of as follows:
Seven-eighths thereof shall be divided among the holders of
existing policies, who are entitled, by the terms of their poli-
cies, to participate in the profits of the company in propor-
tion to the amount of premiums theretofore paid by them
respectively; to be paid to the said policy-holders, in such
manner, at such times, and upon such conditions as the board
of directors may prescribe; and the remaining one-eighth
thereof shall be paid to the holders of the guarantee capital
stock; which shall be a bonus to them, in addition to the
dividends provided for under section three.

13. This act shall take effect from its passage, and shall be
subject to amendment, modification or repeal, at the pleasure
of the general assembly of Virginia.