PHILIP P. THOMAS, ESQUIRE, GOVERNOR.

1849.

as the profits of the company will allow, after which
dividend in cash the said stockholders shall come in
pro rata with the policy holders and other members,
as if the amount of their stock and premiums paid to
the company for insurance affected with it, and all
other divisions of profits shall be subordinate to this
provision.

CHAP. 222.

SEC. 17. Be it enacted, That it shall be lawful for
said company to divide, annually, amongst the stock-
holders, and the holders of its policies, not less than
twelve calendar months, old in dates, and to which
no dividend, except to the stockholders, as provided
for in section sixteen, has been previously awarded,
the nett profits resulting from its operations during
the year past, pro rata, of the sums actually paid, or
secured to be paid in advance of premiums, as here-
inbefore provided for, in section fourth of this act, and
without reference to the particular length of time for
which the insurance was originally affected; these
dividends, when made, shall be paid on certificates, to
be called dividend certificates, and shall be payable
as hereinafter mentioned, but all dividends not called
for within three years from their annunciation, shall
be forfeited to the company.

Dividends not
called for in 3
years to be for-
feited.

SEC. 18. Be it enacted, That when the accumula-
tion of the nett profits of the company shall exceed
fifty thousand dollars, the one-half of the excess shall
be applied annually to the formation of a contingent
fund, auxiliary to the capital, to pay for losses, until
said contingent fund shall amount to two hundred
thousand dollars, and the other half shall be applied,
from year to year, towards the redemption of dividend
certificates, in such manner as the board shall deem
most advisable; when this contingent fund shall have
reached the aforesaid sum of two hundred thousand
dollars, it shall be merged in the capital of the com-
pany, which will then be two hundred and fifty thou-
sand dollars, independent of the capital resulting from
the stock which may be issued under the provisions
of the fifth section of this act, and it shall then be
lawful for the company to apply the whole of its nett
earnings, annually, toward the redemption of its out-
standing certificates; when all these dividends certifi-
cates shall have been thus redeemed, the surplus nett
profits of the company shall be then annually divided,
pro rata, amongst all the holders of its stock and poli-
cies, saving and excepting always, during the continu-
ance of this charter, the prior claims of the stockhol-
ders to a dividend of six per cent per annum on the

Corporate
powers.