Chap. 97.—An ACT to incorporate the Security Life and Annuity Company of
America.

Approved March 1, 1902.

1. Be it enacted by the general assembly of Virginia, That E. L. Shel-
ton, F. L. Smart, H. H. Baker, E. D. Newman, and H. G. Turner, their
associates and successors, be, and they hereby are, created a body cor-
porate and politic under the name of the Security Life and Annuity
Company of America.

2. This company is authorized and empowered to transact a general
life insurance business, and, in general, to make all contracts whatsoever
pertaining to the business of insuring lives, or the granting of annuities
or endowments, and to do every act and thing not inconsistent with the
na of this State or of the United States in the conduct of life insurance

usiness.

3. This company may acquire and hold real estate, bonds, stocks, or
other property, and sell, rent, or lease the same, and loan or borrow money
or transact any other business that may be necessary for the proper con-
duct of the business mentioned in the second section of this act, and in
conformity with the laws of the State of Virginia.

4. This company is authorized to carry on its business in the State of
Virginia and elsewhere, and its home office shall be in the city of Rich-
mond, Virginia.

5. This company is to conduct its business as a mutual life insurance
company with definite periodical premiums and without capital stock.

6. The business of this company shall be conducted and managed by a
board of not less than five directors, and shall have authority to adopt all
hecessary by-laws not inconsistent with the laws of the State of Vir-
ginia or of the United States.

7. All taxes and demands at any time due the State shall be paid in
lawful money, and not in coupons.

8. This act shall be in force from its passage.
shall have the power to confer such diplomas and distinctions in scholar-
ships as they may think best calculated to promote the cause of educa-
tion; also to establish and provide for the maintaining of one or more
scholarships at said college, and to do such other acts as may tend to the
promotion of the interests of education and the development of the fine
and industrial arts.

2. All acts or parts of acts inconsistent with this act are hereby re-
pealed.

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