1843

FRANCIS THOMAS, ESQUIRE, GOVERNOR.

CHAP. 26.

annually the sum of nine thousand dollars as premiums of
insurance.

Persons—
stockholders.

Sec. 7. And be it enacted, That every person who
shall effect insurance in this company, and every stock-
holder shall be entitled to a credit on the books of the
company of his proportion of said profits, sharing pro rate,
according to the amount actually and totally earned, on
premiums paid or the amount of interest on the stock held
by him respectively, and shall be entitled to receive a certi-
ficate thereof, which certificate shall contain a proviso that
the amount of profits named therein, is liable for any future
loss of said company, and that the same is not transferable
except by written assignments, entered on the books of the
company, but no certificate shall be issued for a less sum
than twenty dollars, nor for any fractional sum or sums less
than twenty dollars, but all such fractional sums arc to be
passed to the general fund of the company and applied to
the expences and other charges of said corporation.

Company to
divide profits.

Sec. 8. And be it enacted, That it shall be lawful for
said company, from time to time, to divide among the
holders of said certificates so much of the profits of said
company, as may have accrued and may not have before
been distributed to an amount not exceeding six per
centum per annum; or in case of losses to declare a pro
rata deduction of the amount of the outstanding certificates,
original certificates may be called in by the company, and
new ones issued in their stead less the proper reduction all
certificates and interest in the company shall be deemed
personal property.

Certificates to
be paid annu-
ally.

Sec. 9. And be it enacted, That whenever the capital
of the company shall amount to three hundred thousand
dollars, the said certificates shall be paid annually there-
after, beginning with the certificate of the oldest date.

Repealed.

Sec. 10. And be it enacted, That all such parts of the
original act, to which this is a supplement, as are incon-
sistent with or repugnant to the provisions of this act, be
and the same are hereby repealed; and all the powers,
rights and priviledges conferred by the said original act not
inconsistent with nor repugnant to this act, shall remain
and continue in full force together with this act, for the
term of fifteen years, from the date of its passage, and until
the end of the next session of the general assembly, which
shall happen thereafter, unless sooner repealed or altered,
the power to do which is hereby reserved, provided such
repeal shall not operate upon contracts then existing.

Not to ex-
empt compa-
ny from tax-
ation.

Sec. 11. And be it enacted, That nothing herein con-
tained shall be construed to exempt the estate, real, personal
and mixed of said company from taxation, under any of the