Annual meet-
ings—when
held.

Sec. 8. And be it enacted, That the annual meet-
ings of this company shall be held on the first
Tuesday in January in each year, or within thirty
days thereafter, and the President and Directors
shall cause a general statement to be prepared,
exhibiting the amount of business the previous
year, the amount of expenses, the amount of losses
paid and incurred, the balance remaining, and the
cash in hand, together with the amount, nature,
and condition of the sureties and other property
belonging to the company.

President to
cause an esti-
mate to be
made.

Sec. 9. And be it enacted, That the President
and Directors of said company shall within one
month after tile expiration of each fiscal year,
cause an estimate to be made as near as may be of
the profits of said company during the preceding
fiscal year, in which estimate the losses and ex-
penses of the said company for the year shall be
deducted from the earnings of said company, and
the income derived from the investment of its cap-
ital during the same year; the balance shall be
deemed the profit of the company for such year,
and this estimate shall be binding and conclusive
upon all persons, stockholders as well as those en-
titled to receive certificates of profits, as herein-
after mentioned after applying from these profits
sufficient to cover six per cent. per annum upon
their stock subscribed for in semi-annual payments
to the stockholders, and the stipulated interest
upon all outstanding scrip of the company; thirty
per cent. of the residue of the profits of each year
shall be paid in cash to the stockholders as a divi-
dend upon their stock, and the remaining seventy
per cent. thereof shall be apportioned among the
customers of the company, and scrip issued there-
for as in the next .section provided.

Credits to be
made annually
and certificates
issued.

Sec. 10. And be it enacted, That there shall an-
nually at the time of the ascertaining of profits as
aforesaid, be credited in the books of said com-
pany to each person or firm who shall have paid
any premiums to said company, which shall have
been earned during the preceding year, such a
portion of said seventy per cent. of profits ascer-
tained as aforesaid, as the amount of such earned
premiums during such year, paid by such person
or firm (and not returned) shall be of the whole