JOHN WALTER SMITH, ESQ., GOVERNOR.

such all other acts as may be promotive of the interests of
said body corporate in so far as the same shall not conflict
with the laws of the State, and to make all deeds, transfers
and contracts, conveyances and grants whatsoever, and gen-
erally to possess and exercise all and singular the powers
incident to bodies corporate, engaged in life, health or acci-
dent insurance business.

683

SEC. 2. Be it enacted, That said corporation is formed for
the purpose and shall have power to issue and grant insur-
ances upon the lives of individuals of both sexes and at
various ages within the limits as may be provided by law
for regular life insurance companies incorporated or doing
business in the State, and may issue insurances against bodily
infirmity, accident or death of the insured, and grant annui-
ties, endowments, paid-up insurance and cash surrender
values, and do and undertake each, all or any such forms of
insurance as may now or hereafter be legally issued by com-
panies engaged in the business of life, health or disability
insurance in this State, under such provisions as the by-laws
and plans of the corporation may provide, and the company
may accept premiums for insurance issued by it in weekly
monthly, quarterly, semi-annual, annual, or in a single or lim-
ited number of payments, as provided by the plan selected
by the applicant for insurance.

Power to issue
and grant
life and acci-
dent insur-
ance, etc.

SEC. 3 And be it enacted, That this company shall main-
tain the reserve required by law of regular life insurance
companies, but in case of insurance against sickness, or bodily
infirmity, or accident, the said reserves shall be computed in
amount not less than one-third of the current premium falling
due for the unexpired term of the contract, this term repre-
senting the intervals of payment of premiums. This com-
pany shall be empowered also to issue insurances whereby
the whole or part of the reserve required by law may be

Shall maintain
the reserve
fund.

debited to the insurance by consent of the insured, and the
same reduced by dividend earnings from time to time. This
corporation shall be authorized to loan the whole or any por-
tion of the accrued reserve on any policy of insurance issued
by it, and policy to be assigned to the company as security
for said loan, and subject to the terms thereof, said loan to be
made at not exceeding the legal rate of interest.

Authority
to loan ac-
crued fund.

SEC. 4. Be it enacted, That the capital stock of said corpora-
tion shall be one hundred thousand ($100,000) dollars, divided
into shares of one hundred ($100) dollars each, with power to
increase said stock from time to time, as is provided in Sec-

Capital stock:
with power
to increase.