Chap. 25.—An ACT to amend and re-enact the 10th section of an act
passed January 50, 1867, entitled an act to change the corporate name
and amend the charter of the Richmond Savings Bank and Insurance
Company.

Passed March 19, 1867.

1. Be it enacted by the general assembly, That the tenth
section of the act passed the thirticth day of January, in the
vear one thousand eight hundred and sixty-seven, entitled
an act to change the corporate name and amend the charter
of the Richmond savings bank and insurance company, be
amended and re-enacted so as to read as follows:

“$10. The president and directors shall have power to
declare such dividends of the profits of the company as they
may deem proper. They shall cause a separate account to
be kept of the expenses, losses and profits of the business of
Insurance upon lives, which account shall be settled and
balanced at least once in every year, and the net profits of
that business which may be on hand after making adequate
provision for all outstanding policies for which the company
is bound, shall from time to time be divided between the
stockholders of the company and the holders of policies upon
existing lives, whereon not less than three premiums shall
have been paid, such holders taking among them a share of
the dividends, bearing the same proportion to the whole
dividend that the whole amount of premiums and other
Moneys, actually paid to the company upon such policies on
existing lives, shall bear to the whole amount of capital ac-
tually paid in by the stockholders of the company; which
sail share of profits shall be divided among the holders of
such policies upon existing lives ratably in proportion to the
amounts that may have been paid to the company upon such
policies respectively; but the holders of the same shall not,
by reason of sharing such profits as aforesaid, be deemed
members of the company, or any wise responsible for its
debts, contracts or liabilities. The said president and direc-
tors shall also, at the end of every year, except that in which
the company goes into operation, make a report to the stock-
holders, showing the condition of the company, in regard to
its business for the current year. The first annual meeting
of the stockholders of said company shall be on the first day
of April, in the year eighteen hundred and sixty-seven, and
thereafter on the said first day of April in each year: pro-
vided, however, that the said stockholders, at any regular
meeting, or the board of directors, may at any time change
the day of the said annual mecting. The president and di-
rectors may at any time calla general meeting of the stock-
holders, and any number of atoc kholders, owning not less
than one-third of the whole number of shares, may require
the president to call such meeting, and on his refusal to do
so, may call it themselves. But any change of the day of
the annual mecting atoresaid, if made by the board of direc-
tors, and any call for a general meeting as aforesaid, shall be
advertised tor at least fifteen days prior to the day assigned
for such annual or general meeting, in one or more of the
newspapers published j in the city of Richmond.”
2. This act shall be in force from its passage.