Chap. 471.—An ACT to incorporate the mutual homestead fire insurance
association.

Approved February 21, 1900.

1. Be it enacted by the general assembly of Virginia, That D. W.
Bagley, J. F. Gornto, L. M. Land, R. E. Gornto, and A. S. Gornto, of
the city of Norfolk, and all other persons who may hereafter become
members of the corporation created by this act, are hereby created,
ordained, and declared to be a body politic and corporate, under the name
and style of the mutual homestead fire insurance association, and under
that name shall have the power to conduct a purely mutual and loca!
fire insurance business, for the protection of its members from loss by
fire or lightning, or both, of their houses and buildings of every de.
scription, and their household furniture, goods and chattels, and al!
other personal property of every nature, and generally to perform anc
transact all such business as may be legally performed and transacted by}
mutual fire insurance companies: provided, however, that nothing hereir
contained shall be construed as giving the said association authority
to accumulate profits for the benefit of, or to pay dividends to, the mem
bers thereof. The said association shall have all the powers inciden
to corporations aggregate.

2. The said association shall have authority to do business in only fow
counties in this state—to wit: Norfolk, Warwick, Nansemond, and Din
widdie counties, and in the cities and towns embraced within the limit.
of said counties, and the chief office of said association shall be kept i1
the city of Norfolk, but branch offices may be established at such othe
places in said territory as may be found convenient and necessary.
3. The officers of said association shall consist of a president, vice-
president, secretary and treasurer, and gencral manager, who shall be
elected by the board of directors from the members of said board of
directors, and they shall hold office for such time as may be designated by
the by-laws of said association, or until their successors are elected, or
until removed from oflice for good cause by the board of directors, and
said officers shall have such powers, and shall perform such duties in the
conduct of the affairs of said association as may be conferred upon and
assigned to them by the by-laws of said association.

4. ‘The persons named in this act shall constitute the board of directors,
who shall have full power to manage the affairs of the association, to
adopt a constitution and by-laws for the government of its affairs, the
election and duties of its officers, and the terms and conditions of the
admission of its members, and shall continue in office until their succes-
sors are elected.

5. The said association shall have authority to issue to its members
such policies of insurance and upon such terms and conditions as are
prescribed by its by-laws; it shall have the right to sue and to be sued, to
borrow money, and to give security therefor, and to hold land not to
exceed one hundred acres at any one time.

6. All taxes and debts due and to become due the commonwealth by
the said association shall be paid in lawful money of the United States,
and not in coupons.

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