Chap. 380.—An ACT authorizing any corporation organized under the laws of
the State of Virginia, to insure for its benefit, the life of any of its directors,

officers and employees, and to pay, and to continue to pay the prem
therefor. [H B 150}

Approved March 24, 1926.

1. Beit enacted by the general assembly of Virginia, as follows:

(a) Any corporation organized under the laws of this State may,
when authorized by its board of directors or its executive committee,
cause to be insured, for its benefit, the life of any of its directors,
officers, agents or employees, and to pay the premiums for such
insurance; and may continue to pay such premiums after the insured
shall cease to be such a director, officer, agent or employee of such
corporation.

(b) Due authority for such corporation to effect, assign, release,
convert, surrender, or take any other action with reference to such
insurance, shall be sufficiently evidenced to the insurance company
bya certificate to that effect by the secretary, or other corresponding
officer of such corporation, under its corporate seal. Any such certi-
ficate shall protect the insurance company for any act done or suffered
by it upon the faith thereof, without further inquiry into the validity
of the corporate authority or the regularity of the corporate proceed-
ings. The beneficiary in such a policy shall not be changed except
with the consent of such corporation, beneficiary, effecting such in-
surance.

(c) No person shall, by reason of interest in the subject matter,
be disqualified from acting as a director, or as a member of the execu-
tive committee of such corporation on any corporate act touching
such insurance.

(d) The provisions of this act shall not affect the right of the
party insured under the act to secure insurance for himself and in his
own behalf, and no statement or omission in any application for such
insurance insofar as it relates to the insurance provided for in this
act shall affect the validity of his policy.