Chap. 84.—An ACT to incorporate the farmer’s mutual fire insurance com-
pany.

Approved February 12, 1901.

1. Be it enacted by the general assembly of Virginia, That John J.
Larew, John Towberman, A. Henry Towberman, John A. Stuart, and
D. IF. Hoover, and such other persons as are now associated as the
“Farmers mutual fire insurance company,” or may hereafter become
associated with them, are hereby constituted a body, politic and corporate.
by the name of the Farmers mutual fire insurance company, to be located
in the county of Augusta, Virginia, for the purpose of associating
together a number of individuals in an agreement to insure members:
against loss by fire of property, whereby each shall contribute in propor-
tion to the security enjoyed to make good the loss by fire that may happen
to the property of any other member of the associated in accordance
with the terms, conditions and agreements that may be entered into or
prescribed for procuring such insurance by the by-laws of the company.

2. That the said corporation shall have the power to make and adopt
a constitution and by-laws, rules and regulations for the admission and
expulsion of its members and their government; the election of its
officers and to define their duties, and for the safe-keeping and protection
of its property and funds; and from time to time alter or repeal such
constitution, by-laws, rules, and regulations: provided, the same be not
inconsistent with the constitution or the laws of the United States and
of the state of Virginia. It shall also have the right to prescribe the
terms and conditions of the contract of insurance with its members:
the mode and manner and time of collection and payment of losses.
and any other powers necessary and incident to the proper carrying
into effect the business to be carried on by it.
3. Said corporation may purchase, lease, hold, or dispose of any real
or personal estate: provided, that they shall not hold real estate in excess
of tive acres of land, and said corporation may borrow money upon its
property, both real and personal, and may issue bonds with interest cou-
pons attached therefor, and secure the same by deed of trust, mortgage,
or otherwise.

4. All taxes due the commonwealth shall be paid in lawful money of
the United States and not in coupons.

5. This act shall be in force from its passage and be subject to amend-
ment. alteration, or modification at the pleasure of the general assembly
of Virginia.