Chap. 301.—An ACT to amend and re-enact an act entitled an act to authorize
the valuation of bonds and other securities owned by insurance companies
and fraternal beneficiary associations by the amortization method, approved
March 25, 1920. [H B 8&6]

Approved March 29, 1934

1. Be it enacted by the General Assembly of Virginia, That an
act entitled an act to authorize the valuation of bonds and other se-
curities owned by insurance companies and fraternal beneficiary associ-
ations by the amortization method, approved March twenty-fifth, nine-
teen hundred and twenty, be amended and re-enacted so as to read
as follows:

Section 1. All bonds or other evidences of debt having a fixed term
and rate held by an insurance company or fraternal beneficiary associa-
tion authorized to do business in this State may, if amply secured and
not in default as to principal or interest, be valued as follows: If pur-
chased at par, at the par value; if purchased above or below par, on the
basis of the purchase price adjusted so as to bring the value to par at
maturity and so as to yield in the meantime the effective rate of interest
at which the purchase was made; provided that the purchase price shall
in no case be taken at a higher figure than the actual market value at
the time of purchase; and, provided, further, that the State Corporation
Commission shall have full discretion in determining the method of cal-
culating values according to the foregoing rule.