Chap. 247.—An ACT authorizing mutual life insurance companies chartered in
this ‘State to re-incorporate as stock companies under their existing corporate
names.
Approved May 15, 1903.

1. Be it enacted by the general assembly of Virginia, That any corpora-
tion incorporated as a mutual life insurance company under the laws of
this State is hereby authorized to re-incorporate as a stock company under
its existing corporate name.

2. Before the State Corporation Commission shall issue a certificate of
such re-incorporation it shall be satisfied that the application for such re-
incorporation has been approved by a majority vote of the members of the
company, in person or by proxy, at a meeting of the insured called to con-
sider the same, of which mecting a written or printed notice shall have
been mailed to each member, who shall have been such for thirty days,
directed to his address, appearing on the company’s books, at least fifteen
days before the dav fixed for such meeting.

3. Upon such re-incorporation said company shall be entitled to all the
assets, and shall be subject to all the existing liabilities of the present
company, including all contracts, policies, or certificates with its mem-
bers. and agreements between such members and the subscribers to any
guaranty or any reserve fund heretofore made or approved at an annual
meeting of the members. or which may be ratified at the meeting called
to consider such re-incorporation,.

+4. Any such company re-incorporating under this act. shall, upon appli-
eation for license to do business in this State, be allowed, as a credit upon
its license for the residue of the eurrent year, an amount on account. of
license already paid for the year, proportionate to the unexpired portion
of the year for which such license had been paid.

5. Any company availing itself of the provisions of this act shall de-
posit with the treasurer of the State not less than fifty thousand dollars
or more than one hundred thousand dollars of solvent bonds, the amount
to be determined by the State Corporation Commission, unless companies
availing themselves of the provisions of this act shall themselves deter-
mine to make the full deposit of one hundred thousand dollars.

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