Chap. 17.—An ACT to incorporate the South Atlantic life insurance company.
Approved January 11, 1900.

1. Be it enacted by the general assembly of Virginia, That Virginius
Newton, Fritz Sitterding, ‘Thomas Atkinson, James D. Patton, 8. W.
‘Travers, Beverley B. Munford, John Kerr Branch, Langbourne M. Wil-
liams, J. L. Antrim, Philip Whitlock, Frederick W. Scott, KE. A.Saunders,
junior, Samuel T’. Morgan, J. W. Perry, Alfred P. ‘Thom, W. H. Doyle,
Nathaniel Beaman, George A. Schmelz, A. KE. Ning, John W. Craddock,
Charles L. Holland, George E. Sipe, W. B. Chisholm, Julian S. Carr,
William Z. Meade, Robert S. Bosher, Granville G. Valentine, Joseph
Bryan, T. C. Williams, junior, and E. B. Addison, and such other persons
as may be hereafter associated with them, their successors and assigns,
be, and they are hereby, constituted a body politic and corporate by the
name of the South-Atiantic life insurance company, and by that name
shall have perpetual succession and a common seal, which they may alter
or amend or renew at their pleasure, and may sue and be sued, implead
and be impleaded, contract and be convracted with, purchase, hoid and
grant estates, real aud personal, and generally shall have, enjoy, and
exercise all the rights, privileges, and powers, and shall be subject to all
the restrictions conferred or imposed by the laws of this state upon cor-
porations of like character. ‘lhe principal ottice of the company shall
be in the city of Richmond.

2. ‘The capital stock of the said company shall be not less than one
hundred thousand dollars, and not more than three hundred thousand
dollars, to be divided into shares of the par value of one hundred dollars.

3. The above-named incorporators, or any three of them, shall have
power to open books for subscriptions to the capital stock of said com-
pany at such times and places, with or without notice, as they may deter-
mine, and as soon as the minimum amount of capital stock shall have
been subscribed they may at any time thereafter, as they may deem
best, call a meeting of the subscribers, with or without publication of
notice, and organize a company. ‘The management of the aifairs of the
company shall be vested in a board of thirty directors, to be elected by
the stockholders. The number of directors which shall constitute said
board may be increased or diminished at any time by the stockholders
of the company in general meeting. From time to time the board of
directors may increase the capital stock until the maximum shall have
24. ACTS OF ASSEMBLY.

been issued, but said additional stock shall not be issued at less than
par value; and In case of any increase as herein provided, the stock-
nolders shall be entitled to a pro rata share of said Increase upon payment
of the price at which it is offered, in accordance with the terms pre-
scribed by the board. ‘The board of directors may at any time after
two years from the date of the organization of the company, should they
deem it to the best interests of the company, retire so much of the
capital stock upon any plan which shall be deemed just and equitable to
all of the stockholders, as may be necessary to reduce the amount of
capital stock outstanding to one hundred thousand dollars.

4. After the first year the board of directors shall be elected annually
by the stockholders on the second Wednesday in each January, or on
the day to which the stockholders may adjourn, and they shall elect
from their number at the first meeting of the board after their election,
and after all subsequent elections, a president and three vice-presidents.
The board shall also have the power to elect a secretary and treasurer,
and to appoint or employ such other oflicers, clerks, and agents as the
business of said company may require; to fix the compensation to be
allowed all ofhicers, clerks, and agents, and to enact and adopt such rules,
regulations, and by-laws for the management of the affairs of the com-
pany as they may deem best, and which are not inconsistent with the
provisions of this charter or the laws of this state.

5. ‘This company shall have the power to make insurance upon the
lives of individuals, and every insurance appertaining thereto or con-
nected therewith; execute trusts, make endowments, and grant, purchase,
or dispose of annuities. The insurance business of the company shall
be conducted upon such plans and under such conditions and regulations
as may be adopted by the board of directors, or specified in the by-laws
of the company, not inconsistent with the laws of Virginia. The board
of directors may determine the rates of premiums and terms of insurance,
ane the sum to be insured.

. The board of directors may from time to time out of the net earn-
ings of the company, declare a dividend upon the capital stock of the
company then outstanding, such dividends to be paid the stockholders
such times and in such manner as the hoard of directors may direct.

Y. That all taxes and other demands due the commonwealth by said
company shall be paid in lawful money of the United States and not
in coupons.

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