Chap. 246.—An ACT to incorporate the Home Protective Insurance Company.
Approved March 25, 1902.

1. Be it enacted by the general assembly of Virginia, That John B.
Davis, George M. Overton, Thomas L. Ashley, Charles T. Bland, and
James B. Hope, junior, and such other persons as may be hereafter asso-
ciated with them, their successors and assigns, be, and are hereby, con-
stituted a body politic and corporate by the name of the Home Protec-
tive Insurance Company, and by that name shall have perpetual succes-
sion and a common seal, which they may alter or amend or renew at thei!
pleasure, and may sue and be sued, plead and be impleaded, contract
and be contracted with, purchase, hold, and grant estates, real and per-
sonal, and generally shall have, enjoy, and exercise all the rights, priv-
ileges, and powers, and shall be subject to all the restrictions conferred
and imposed by the laws of this State upon corporations of a like char-
acter.

2. The principal office of the company shall be, and its principal busi-
ness shall be transacted, in the city of Portsmouth.

3. The capital stock of the company shall be not less than five hun.
dred dollars and not more than five thousand dollars, to be divided inte
shares of the par value of ten dollars per share.

4. The company shall have the power to conduct a sick benefit, week]\
indemnity, death benefit, total and permanent disability insurance busi-
ness, and to insure personal property from loss by fire in accordance
with the terms and stipulations to be set forth in the by-laws of the com.
pany, so that the same be not contrary to the constitution and laws o{
the United States nor the constitution and laws of the State of Virginia

5. The management of the affairs of the company shall be vested ir
a board of five directors, to be elected by the stockholders. The num.
ber of the directors which shall constitute the said board may be in.
creased at any time by the stockholders of the company in general meet-

ing.

6. After the first year the board of directors shall be elected annually
by the stockholders on the first Wednesday in January of each year or on
the day to which the stockholders may adjourn, and they shall elect from
their number, at the first meeting of the board after their election and
after all subsequent elections, a president, vice-president, secretary, and
treasurer, and shall have authority to appoint or employ such officers,
clerks, and agents as the business of the said company may require, to
fix the compensation to be allowed all officers, clerks, and agents, and to
adopt such rules, regulations, and by-laws for the management of the
affairs of the company, so that the same be not contrary to the laws of
this State, the United States, nor the provisions of this charter.

7. The business of the company shall be conducted under the terms
of an act of the general assembly approved May eighteenth, eighteen
hundred and eighty-seven, and the acts amendatory thereto.

8. The board of directors may, from time to time, out of the net earn-
ings of the company, declare upon the capital stock of the company then
outstanding such dividends to be paid the stockholders at such times and
in such manner as the board of directors may direct.

9. All the taxes and other demands due the Commonwealth by the
said company shall be paid in lawful money of the United States, and
not im coupons.

10. This act shall be in force from its passage.