as amended by an Act of the General Assembly, approved by the Governor March 15, 1912, being Chapter 93 of the Acts of 1912, be amended by adding at the end of Sub-section 3, the following language:

"But nothing herein contained shall in any manner be construed so as to prevent domestic life insurance companies from owning their home office buildings in the State of Kentucky, and renting or sub-letting such space as they do not require for their immediate needs, and when such office building is so owned, it may be deeded to the Insurance Commissioner of the State of Kentucky and when said deed is properly recorded, deposited with the Treasurer of the State of Kentucky, for the full amount of its value, as determined by the Insurance Commissioner, and that said home office building, when so deeded to the Insurance Commissioner, of the State of Kentucky, shall not be sold or further encumbered, except by the consent of said Insurance Commissioner, joining in the deed for such purpose, and the entire plan and intentions of said life insurance company have been submitted to and approved by said Insurance Commissioner. The Insurance Commissioner, in determining the value of the real estate, herein mentioned, shall give it no higher value than would be adequate to yield at three (3%) per cent. annual interest, the average amount of its net rental for the year next preceding, including a fair rental value for the space occupied by such company; except that if an insurance company shall show, to the satisfaction of the Insurance Commissioner, that the actual value of such real estate is greater than the value so ascertained, then the actual value of the said real estate as determined by the Insurance Commissioner shall be allowed. Provided further, however, that no domestic life insur

ance company, hereafter organized, shall invest more than one-fourth of its capital and accumulations, including its policy loans, in such real estate so used by it as its home office building. And provided further that, when such real estate used for such home office building is sold or encumbered, as provided herein, by the consent of said Insurance Commissioner of the State of Kentucky, other securities shall be deposited in lieu of same.

So that said Sub-section 3 of Section 648a, of the Kentucky Statutes as hereby amended and re-enacted, shall read in full as follows:

"Section 648a. 3. What May Be Deposited-Securities-Real Estate. The deposit herein required may be in the securities described in Section 625 of the Kentucky Statutes, or in satisfactory evidence of the ownership of such unencumbered real estate, as may be lawfully acquired by such company, under Section 632 of Kentucky Statutes, which real estate shall not be sold or encumbered unless securities or evidence of ownership or other real estate of equal value as herein described be deposited with the Treasurer in lieu thereof. The policyholders shall have a first lien on all said real estate, and when such real estate is withdrawn, sold or encumbered, and other securities of equal value deposited in lieu thereof, the Insurance Commissioner shall execute a release of the property withdrawn, sold or encumbered, which said release shall be recorded in the office of the county clerk of the county in which the property is located. When real estate is deposited under this section in lieu of other securities, said property shall be taken at sixty per cent. of its market value as determined by the Insurance Commissioner. The lien herein provided for shall apply to all real estate, the evidences

to the title to which is deposited as herein provided for. But nothing herein contained shall in any manner be construed so as to prevent domestic life insurance companies from owning their home office buildings in the State of Kentucky, and renting or sub-letting such space as they do not require for their immediate needs, and when such office building is so owned, it may be deeded to the Insurance Commissioner of the State of Kentucky, and when said deed is properly recorded, deposited with the Treasurer of the State of Kentucky, for the full amount of its value, as determined by the Insurance Commissioner, and that said home office building, when so deeded to the Insurance Commissioner of the State of Kentucky, shall not be sold or further encumbered, except by the consent of said Insurance Commissioner, joining in the deed for such purpose, and the entire plan and intentions of said life insurance company have been submitted to and approved by said Insurance Commissioner. The Insurance Commissioner, in determining the value of the real estate, herein mentioned, shall give it no higher value than would be adequate to yield at three (3%) per cent. annual interest, the average amount of its net rental for the year next preceding, including a fair rental value for the space occupied by such company; except that if an insurance company shall show, to the satisfaction of the Insurance Commissioner that the actual value of such real estate is greater than the value so ascertained, then the actual value of the said real estate as determined by the Insurance Commissioner shall be allowed. Provided further, however, that no domestic life insurance company, hereafter organized, shall invest more than one-fourth of its capital and accumulations, including its policy loans, in

such real estate so used by it as its home office building. And provided further that, when such real estate used for such home office building is sold or encumbered, as provided herein by the consent of said Insurance Commissioner of the State of Kentucky, other securities shall be deposited in lieu of

same.

2. All acts and parts of acts in conflict herewith are hereby repealed. And this act shall take effect from and after its passage and approval by the Governor."

Approved March 29, 1918.

CHAPTER 126.

AN ACT relating to the Bureau of Agriculture, Labor and Statistics, providing it may do field demonstration work and may co-operate with the State and Government authorities, and making appropriation therefor.

Be it enacted by the General Assembly of the Commonwealth of Kentucky, that,

1. In order that the Bureau of Agriculture, Labor and Statistics may keep in direct touch with the needs and demands of the agricultural and livestock interests of this State, it is hereby given the right, power and authority to engage in field demonstration agricultural work through the medium of silo construction; grinding of limestone for agricultural purposes; spraying and pruning of fruit trees; encouraging the organization of agricultural and livestock associations; acquiring the necessary equipment for such work; and for the general needs and demands of said industries.

2. That said Bureau of Agriculture, Labor and Statistics may co-operate with the State and Gov

ernment authorities in the holding of farmers institutes, farm chautauquas, movable schools of agriculture and other agricultural meetings.

3. For the purpose of carrying out the provisions of this act and for the general purposes of the Bureau, the sum of ten thousand ($10,000) dollars per annum in addition to the amount already appropriated for the benefit of the Bureau of Agriculture, Labor and Statistics, is hereby appropriated out of any money in the treasury not otherwise appropriated for the use of said Bureau. The clerk shall certify all expenditures to the Commissioner of Agriculture and he in turn shall certify them to the Governor and upon his approval of same, the Auditor of Public Accounts is authorized to draw his warrant upon the treasury for the amount.

Whereas, it is most imperative that all agricultural activities should be exercised to the utmost, an emergency is hereby declared, and this Act shall become effective upon its passage and approval by the Governor.

Approved March 29, 1918.

CHAPTER 127.

AN ACT relating to agriculture, labor and statistics, and appropriating money to provide for the continuance of extension work in the State of Kentucky by the Agricultural College of the University of Kentucky, under the provisions of an act of Congress of the United States, approved May 8th, 1914, entitled: "An Act to provide for co-operative extension work between the agricultural colleges in the several States receiving the benefits of an act of Congress, approved July 2nd, 1862, and an act supplementary thereto, and the United States Department of Agriculture, and repealing Section 5 of Chapter 20 Acts of 1916.

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