An Act to amend and reenact § 46.1-299, as amended, of the Code of Virginia, relating to devices signalling intention to turn or stop and rules therefor.
Volume 1968 Law 99
Volume | 1897/1898 |
---|---|
Law Number | 523 |
Subjects |
Law Body
Chap. 523.—An ACT to incorporate the Southern mutual life insurance company
| pany
Approved February 28, 1898.
1. Be it enacted by the general assembly of Virginia, That I. W.
Throckmorton, R. Gomts, J. Sterling Taylor, P. E. Throckmorton,
Charles F. Wright and R. A. Throckmorton, their associates and suc.
cessors, be, and are hereby, created a body corporate and politie to be
known as the Southern mutual life insurance company.
2. This company is authorized and empowered to transact a general
life insurance business, to employ agents to solicit business and to issue
policies of insurance on the lives of acceptable persons at such rate:
and upon such terms and plans as may be decided upon by the com-
pany.
The principal sums named in the policies may be made payable to the
beneficiary thereunder at the death of the insured, or at such time or
times as may be designated in the policies and agreed upon by the policy-
holder and the company.
3. The funds for the purpose of paying claims and expenses of man-
agement may be derived from the collection of premiums from policy-
holders of fixed amounts at stated periods or by assessments, or both,
and by investment of funds in such manner as may be to the interest of
the company.
4. This company may accumulate, maintain or disburse among its
policyholders a reserve or emergency fund. Such fund may be used in
such a manner and for such purpose as may be deemed for the best in-
terest of the company, its policyholders and other persons interested in
the company.
5. This company may acquire real estate, bonds, stocks or other prop-
erty by purchase, gift, lease, demise or otherwise, and sell, rent or lease
the same, and loan or borrow money or transact any other business that
may be necessary for the proper conduct of its business, mentioned in
section second of this act, in conformity with the laws ‘of the state of
Virginia.
6. The capital stock of this company shall not be less than one thou-
sand dollars nor more than twenty-five thousand dollars, to be divided
into shares of the par value of twenty-five dollars each. Such stock
may be paid for in such a manner and upon such terms as the directors
of the company may determine.
@. The principal oflice of this company shall be located in the city of
tichmond, Virginia, and the company shall have the power to establish
branch oflices in any other cities whenever necessary for the advance-
ment of its business.
This company shall be allowed to transact the business named in this
ict so long as they conform to the laws of the state of Virginia.
8. All taxes and demands due the state at any time shall be paid in
awful money and not in coupons.
9. This act shall be in force from its passage.