deposit for six months preceding, or one and one-fourth per cent. on all sums which have been on deposit for three months preceding; and no ordinary dividend shall be declared or paid except as above provided, nor upon a deposit of less than three months standing, and any such savings banks may by its by-laws, provide that no dividends shall be declared or paid on a less sum than three dollars or on the fractional part of a dollar.

25. If at the time provided by the by-laws for making ordinary dividends, the net profits for the six months preceding, over and above the sum to be added to the guaranty fund, do not amount to one per cent. of the deposits, no dividend of the profits shall be declared or paid.

26. Once in every term of three years, if the net profits, accumulated over and above said guaranty fund and dividends, amount to one per cent. of the deposits which have remained in such savings bank for one year then next preceding, such net profits shall be divided among the depositors whose deposits have remained therein for one year at least then next preceding, in proportion to the amount of dividends which have been declared on their deposits during the three years then next preceding.

27. No dividends shall be declared or paid until the trustees cause an examination to be made and find that the amount thereof has actually accrued, and no dividend or interest shall be paid unless authorized by an aye and no vote of the trustees, recorded in their minutes, after such an examination.

28. It shall be lawful for the trustees or any such savings bank to receive such reasonable compensation, when acting as officers or agents of the corporation, each year as the majority of the members of the corporation at their annual meeting shall by resolution prescribe for specified duties to be performed, such resolutions being approved by the judge, or judges, of the circuit court of the county in which said savings bank is located, but it shall not be lawful to pay trustees, as such, for their attendance at meetings of the board.

29. It shall be the duty of the trustees of every such savings bank, by a commttee of not less than three of their number, on or before the first day of January and July, in each year, to thoroughly examine the books, vouchers and assets of such savings bank and to make a statement of its assets and liabilities, and to publish the same in a newspaper of general circulation in the county in which such bank is located, at least twice before or on the first day of February and August in each yesr; which said statement shall be verified by the oath of a majority of the trustees making such examination.

80. The circuit court of the county in which any such savings bank is located, may, at any time, on the application under oath, of any five or more officers, trustees or depositors of any such corporation, and such depositors representing deposits aggregating at least two thousand dollars, setting forth their interest, and the reason for making such examination, for reasons deemed sufficient

by said court, appoint two or more persons to examine into the investments thereof, and its affairs and business generally. The books, papers and business of such corporation shall be open and subject to the examination of such persons, and the trustees, officers, and clerks thereof, or any other person, may be examined on oath by such persons; and the said court may confer such other powers on the persons so appointed as they may consider necessary for the more thorough and perfect examination of the affairs and business of such corporation; the said persons so appointed shall report the result of their investigation to the said court, who, if satisfied thereby, that any trustee, officer or servant of such corporation has been guilty of any fraud or misconduct, may remove such person or persons, and make further order and take such further measures for securing the funds and property of such corporation as the said court may deem expedient. The costs and fees attending such proceedings shall be within the discretion of the said court, and may be adjudged either against the petitioners or the funds of such corporation, as the court may determine.

31. Any trustee, officer, or agent of any such corporation, who shall authorize or make an investment in any securities not named in this act, shall be guilty of a misdemeanor, and fined not less than one hundred dollars, and imprisoned not less than one year.

32. Every such corporation may, at any time, hold special meetings of its members by order of its trustees, and its treasurer shall also give notice of special meetings of the members upon the requisition in writing of any ten members of the corporation. Notice of all meetings shall be given by public advertisement in some newspaper of the county where the corporation is established, and by seasonably mailing to each member a written or printed notice of such meeting.

33. Any member of any such corporation may, at an annual metting, withdraw from the corporation, if he has filed with the treasurer a written notice of his intention so to do, three months at least before such meeting. And no person shall continue to be a member after removing from the state.

34. The board of trustees of every such corporation shall, in the month of January of each year, at the time of publishing the semi-annual statement of such corporation, cause to be published at the same time, and in the same newspaper or newspapers, a complete list of the unclaimed deposits, on which at least the sum of five dollars shall then be due, and which shall have been deposited by persons who have not within two years then next preceding, made a deposit or received a dividend or payment from such corporation.

35. Every such savings bank is authorized and empowered to pay any order drawn upon it by any person who has funds on deposit to meet the same, notwithstanding the death of such drawer in the interval of time between signing such order and its presentation for payment, when said presentation shall be made within thirty days after the date of such order, and at any subsequent period, pro

vided, the depository has not received actual notice of the death of the drawer.

36. When a deposit is made in any such corporation by any one in trust for another, the name and residence of the person for whom it is made shall be disclosed, and it shall be credited to the depositor as trustee for such person; and if no other notice of the existence and terms of a trust has been given in writing to the corporation, in the event of the death of the trustee, the deposit, with the interest thereon, may be paid the person for whom such deposit was made, or to his legal representative.

37. The members of any such corporation may at any time, in any annual meeting, or meeting called for the purpose, resolve to discontinue the business of the corporation, a majority of all the members being present and voting in favor of such discontinuance; and may divide among the depositors, in proportion to their respective interests therein, the property and assets that may remain after paying all debts and liabilities of the corporation. Public notice of such resolution shall be immediately given by advertisement, in some newspaper or newspapers of general circulation in the county where such savings bank is located, once a week for six successive weeks at least, before any dividend of the funds of the corporation shall be made; and the said resolution shall be forthwith certified by the president under his hand and the common seal of the corporation, to the secretary of state, who shall preserve the same in his office, and deliver a copy to the clerk of the house of delegates, to be printed and bound with the acts of the legislature. 38. When any such corporation shall expire or be dissolved, its property and assets shall, under the order and direction of the boad of trustees then in office, or of the receiver or receivers appointed for the purpose by the circuit court of the county in which such savings bank is located, be subject to the payment of the liabilities of the corporation and the expenses of winding up its affairs; and the surplus, if any then remaining, to distribution among the depositors according their respective interests. And suits may be brought, continued or defended, the property, real or personal, of the corporation be conveyed or transferred, under the common seal or otherwise, and all lawful acts be done, in the corporate name, in like manner and with like effect, as before such dissolution or expiration; but so far only as shall be necessary or proper for collecting the debts and claims due to the corporation, converting its property and assets into money, prosecuting and protecting its rights, enforcing its liabilities, and paying over and distributing its property and assets, or the proceeds thereof, to those entitled thereto.

39. Every corporation subject to this act shall exhibit its books, papers and property, to such agents or committees, as the legislature may from time to time appoint to examine the same; and when required by the legislature, shall report thereto a full, fair and detailed exhibit of its property, liabilities and condition, verified by

the oath of the president, and of the treasurer or principal book keeper.

40. Savings banks incorporated under this act shall be subject to the provisions of the fifty-second, fifty-third, fifty-fourth and fiftyfifth chapters of the code so far as the same are applicable.

MUTUAL INSURANCE COMPANIES.

[Code 1887 Ch. 55, Sec. 27a, as amended by Ch. 11, Acts 1893.]

Such Corporations Defined.

1. Every company or association incorporated under the general or any special law of this state, or of any other of the United States, which issues to its members certificates or policies agreeing to pay certain benefits to the beneficiaries thereunder, which benefits are, by the contract therefor to be realized from assessments levied upon the members of said company or association, or any part thereof, shall be deemed a corporation for the mutual protection and relief of its members, and shall be subject to the provisions of this act. Every such corportion incorporated by any act of the general assembly of Virginia passed before the twentieth day of June, one shousand eight hundred and sixty-three, and having its principal place of business in this state; or heretofore or hereafter incorporated under and pursuant to any act of the legislature of this state, shall be deemed a domestic corporation. All others shall be deemed foreign corporations.

Reports to be Made to Auditor.

2. Every such domestic corporation shall, on or before the first day of March in each and every year, file with the auditor a statement, under oath of the president and secretary thereof, setting forth its condition on the thirty-first day of December then next preceding, which statement shall show:

First. The name and the locality of the corporation.

Second. The amount of its capital stock.

Third.-The amount of its capital stock paid up.

Fourth. The assets of the corporation, setting forth the nature of the several items and the securities in which they are invested.

Fifth.-Claims for benefits adjusted and due.

Sixth.-Claims for benefits adjusted but not due.

Seventh. Claims for benefits unadjusted, reported and in suspense or dispute.

Eighth. All other claims against the corporation, and all other amounts due or owing by it.

3. Every such foreign corporation shall, before transacting or cotinuing to transact business in this state, file with the auditor a statement similar in character to that required of domestic corporations, and shall thereafter, as long as it continues to do business in this state, be subject te the same requirement as to annual statements as are domestic corporations.

Foreign Corporations to Appoint Resident Attorney.

4. Every such foreign corporation shall, as a condition precedent to doing business in this state, by power of attorney, duly acknowledged and authenticated, and filed in the office of the auditor, appoint some person residing in this state to accept service of process and notices in this state for the said corporation, and by the same instrument shall declare its consent that service of any process or notice in this state on said attorney, or his acceptance of service endorsed thereon, shall have the same effect as service thereof upon the corporation; and thereafter such acceptance by the said attorney or service upon him shall be equivalent for all purposes to service upon his principal.

Examinations, How and by Whom Made, Etc.

5. The auditor shall be authorized to examine into the condition. and affairs of any such corporations doing or applying for authority to do business in this state, or cause such examination to be made by some person or persons appointed by him, having no interest in any such corporation or in any insurance company, and whenever it shall appear to the satisfaction of said auditor that the affairs of any such corporation are in an unsound condition, he shall, if the corporation is already authorized to do bu-iness in this state, revoke the certificate granted in behalf of said corporation, and shall cause notification thereof to be published in some newspaper of general circulation, published at the capital of the state, and such corporation, its agent or agents, are, on and after such notice required to discontinue all business within the state. The expenses of every such examination shall be paid by the corporation examined, and the auditor may, before beginning any such examination