Chap. 5.—An ACT to amend and re-enact the 16th section of an act passed
January 11, 1867, entitled an act to incorporate The Southern Mutual
Life Insurance Company of Virginia.

Passed March 13, 1867.

1. Be it enacted by the general assembly, That the six-
teenth section of the act passed January eleventh, eighteen
hundred and sixty-seven, entitled an act to incor porate The
Southern Mutual Life Insurance Company of Virginia, be
amended and re-enacted so as to read as follows:

“§16. Within thirty days after one year’s organization of
the company, and within thirty days after the expiration of
every term of one year 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 ex-
penses, 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
profits remaining, such surplus shall be disposed of as fol-
lows: seven-eighths thereof shall be divided among the hold-
ers of existing policies, who are entitled by the terms of their
policies, to participate in the profits of the company in pro-
portion 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
ofgjirectors may prescribe; and the remaining one-eighth
shall be paid to the holders of the guaranteed capital stock.”

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