Chap. 577.—An ACT to incorporate the Lee fire insurance company of Alexan-
dria, Virginia.

Approved February 28, 1898.

1. Be it enacted by the general assembly of Virginia, That Park Ag-
new, Samuel G. Brent, Louis C. Barley, J. M. Hill, C. C. Carlin and
(reorge A. Mushback, together with such other persons as may be here-
after associated with them, be, and they are hereby, constituted a body
politic and corporate by the name and style of the Lee fire insurance
company of Alexandria, Virginia, and by that name and style are in-
vested with all the rights and privileges conferred and made subject to
all the rules, regulations and restrictions imposed by the laws of Vir-
sinia applicable to such corporations and not inconsistent with this act.

2. The capital stock of the said company shall be not less than fifty
thousand dollars nor more than one hundred thousand, to be divided
into shares of the par value of one hundred dollars each.

3. So soon as the sum of fifty thousand dollars shall have heen sub-
scribed to and paid on the capital stock of said company the persons
herein named, or a majority of them, shall call a meeting of the stock-
holders by giving five days’ notice by publication in some newspaper
published in the city of Alexandria, Virginia, or otherwise, at which
meeting the subscribers may elect not less than five nor more than
eleven directors, and adopt such by-laws and regulations as they may
deem necessary for the management and conduct of the said company.
The directors so elected shall constitute the first board of directors, and
continue in office for one year and until their successors be elected.

4. The board of directors shall be elected at every annual meeting
and may he removed by the stockholders in general meeting, but unless
so removed shall continue in office until their successors shall be elected.
The board of directors shall fill any vacancy occurring in said board, un-
less it be by removal, in which case the stockholders shall fill the saine
in general meeting. The said board shall appoint from its own body a
president and a first and second vice-president, and shall appoint to hold
during its pleasure the subordinate officers and agents of said company,
and take from them such bonds and security as they may deem fit.

5. The said company shall have power and authority to issue policies
of insurance or certificates of membership, upon the property of its mem-
bers and others, against any damage or loss by fire, lightning, cyclone, tor-
nado or by any other liability, casualty or hazard, upon every kind of
property, real, personal and mixed, also insurance ‘upon all marine and
inland risks within the commonwealth of Vi irginia and states and terri-
tories of the United States and elsewhere, to ‘be paid for in case of loss
or damage in the ordinary manner of straight insurance, or from a gen-
eral fund to be accumulated from rezular monthly or annual assessments
made upon its members, as the laws of the association may prescribe;
to create a contingent reserved fund by setting aside ten per centum of
the gross premiums received, and such portion of the unearned pre-
miums upon all unexpired policies as may be deemed advisable for the
better protection of the policy-holders, as the by-laws may prescribe.
In addition to issuing policies of insurance on any real, personal or
mixed property against loss or damage by fire, lightning or any of the
causes named herein, to mature in a specitied time, to be paid in cash
for the term, or part cash and part in notes, to be paid in instalments
without any further payments than those specified on the policy of in-
surance. Also to insure and lend money bottomry and respondentia,
and to be re-insured avainst all risks upon the interests if may have in
any property in its own right, or in virtue of any policy or certificate
of membership, or contract of insurance. The said company shall
have power and authority to invest its capital or other funds of the as-
sociation in bank stock or other stocks, in the purchase of bonds issued
by the United States or any of the states thereof, and of bonds of any
incorporated company. ‘The said association shall have power to loan
money on personal or real estate security; to purchase mortgages, deeds
of trust, bills of sale, assignments and pledges of property, real or per-
sonal; and to purchase, or otherwise acquire, and to have and to hold and
likewise to convey and to sell any real or personal estate for the purpose
of securing anv debt or debts that may be due it, and for its own use
and convenience, provided the said real estate acquired shall not exceed
ten thousand acres.

6. And with the privilege and right to create and maintain a guarantee
fund of not less than ten thousand dollars nor more than one hundred
thousand dollars, to be subscribed to by the guarantors, and to be paid
in cash or by notes, stocks, bonds, mortgages, deeds of trust, lands or
other approved security and obligations of its guarantors; and said fund
shall not be used for any other purpose except asa enarantee of the ful-
fillment of the contracts and obligations of the association to its policy-
holders and members.

7. When subseription to the capital stock of the said company are
payable in property or anything other than money, the value thereof
shall be agreed upon between the board of directors and the subscribers at
the time of making the subscription, and the proper conveyances or as-
signments called for when and as the board of directors shall deem proper.

"8. The said association may dispose of the whole or any part of its
property by sule, lease or otherwise; and it may borrow money as re-
quired for its purposes, and secure the same by mortgages or liens upon

its rights, privileges, works, property and franchises, or any part thereof,
and for this purpose may issue bonds, either revistered or coupon.

9. The stockholders of said company shall not be liable for anv loss,
damage or responsibility beyond the amount of their stock and undivided
profits arising therefrom.

10. In assessing the taxes upon the property of said company the
assessed value of the real estate shall always be deducted from the agere-
gate assessed value of the « capital stoek,
11. All taxes accruing to the state of Virginia under this charter shall
be paid in money and not in coupons.
12. This act shall be in force from its passage.