CHAP. 218.—An ACT authorizing deposits by life insurance com-
panies and associations chartered in the state with the treasurer.

Approved March 5, 1890.

1. Be it enacted by the general assembly of Virginia,
That any life insurance company, or any association for
life insurance on the co-operative or assessment plan,
incorporated under the laws of Virginia and doing busi-
ness therein, having, bv the terms of its charter or by-laws
any part of its assets set apart, either in its own hands or
in the hands of others, under any trust, or a reserve fund
for policy holders, or any of them, may, at its election,
or the holder thereof may, deposit the same or any part
thereof with the treasurer of this commonwealth: pro-
vided, such deposit be not less then ten thousand dollars,
and be invested at the time of such deposit in any of the
following securities, viz.: First, in bonds or notes secured
by mortgage or deed of trust on unencumbered real estate,
worth in each case double the amount loaned; or, second,
in bonds of the United States; or, third, in bonds of the'
state of Virginia issued under the act of February four-
teenth, eighteen hundred and eighty-two, or in bonds of
other several states, or of incorporated cities and towns
therein at their cash market value.

2. The said deposit may from time to time be changed
by substitution, either in whole or in part, for other secu-
rities of at least equal value of the classes herein enume-
rated. :

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