212 LAWS OF MARYLAND.
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incorporated shall be liable to all the duties, re-
strictions and penalties for, in said Sections of
said ordinance and in said Act of Assembly. |
An estimate
of profits to be
made. |
Sec. 10. And be it enacted, That the President
of said Company, shall within one month, after the
expiration of each fiscal year cause an estimate to
be made as near us may be of the profits of said
Company, during the preceding fiscal year, in
which estimate the losses and expenses of the said
Company for the year, shall be deducted from the
earnings of said Company, and the income of its
capital and invested accumulations during the same
year, the balance shall be deemed the profits of
the Company for such year, and the estimate shall
be binding and conclusive upon all persons as well
stockholders as those entitled to receive dividends
on bills contracted as hereinafter provided, and all
others in any way connected. |
Ten per cent.
as a reserve
fund. |
Sec. 11. And be it enacted, That after applying
from these profits sufficient to cover the payment
of ten per cent. per annum upon the stock, semi-
annual payments to the stockholders as hereinbe-
fore provided, ten per cent. of the residue of the
profits of each year, shall be reserved by the Com-
pany as a surplus or reserved fund, and shall be
credited in the books of the Company, to an ac-
count to be called the reserved fund, said reserved
fund shall be liable for any excess of losses or ex-
penses of the Company above the earned premiums
of any year and the whole of it shall be liable to
be used before the Capital stock shall be encroach-
ed upon, whenever such surplus or reserved fund
shall exceed the amount of two hundred and fifty
thousand dollars, such excess and the portion of
the profits hereby appropriated to it, shall be paid
to the stockholders as an extra dividend on their
stock; one-half of the remainder of the profits, that
is to say, forty-five per cent. of the whole profits
less the interest on the cash capital, shall be paid
to the stockholders in cash, as a dividend on their
stock, and the other half of the remainder of the
profits, that is to say, forty-five per cent. of the
whole profits less the interest on the cash capital,
shall be paid in cash to the persons or firms, who
shall have used or consumed Gas from the Com-
pany as a dividend pro rata, on all bills contracted |
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