amount of premiums earned by said company (less
returned premiums) on risk terminating as afore-
said; and thereupon the said company shall issue
to such persons or firms respectively certificates
declaring him or them, or his or their assigns to
be entitled to a portion of the invested funds of
said company equal to the amount so credited to
him or them on the books of the company as afore-
said; and also to receipt annually out of the in-
terest or income derived by said company from the
investment of said profits of an interest not ex-
ceeding six per cent. per annum, and said certifi-
cate shall also contain a proviso that the amount
named therein is liable for any future losses of
said company, as provided in this charter; and
also a proviso for the conversion of the same into
stock of said company, in the case therefor in this
charter provided; but no person or firm shall be
credited with or receive a certificate for a share
of profits less than two dollars, nor for any frac-
tional excesses over even twos of dollars, and all
such shares less than two dollars and such frac-
tional excesses over even twos of dollars, shall be
carried to the contingent fund of said company,
and applied on account of charges and expenses ;
the fund represented by this scrip shall constitute
a surplus or reserve of said company for the secu-
rity and payment of losses, and liable for any ex-
cess of losses and expenses above the earned pre-
miums of any year; each later annual issue of
scrip always to be first reduced or wholly cancelled
before any previous annual issue is at all reduced,
and all the issues of scrip to be liable to reduction
and cancellation before the capital stock shall be
encroached upon : the board of directors shall have
full power to reduce and cancel the scrip of said
company for the purpose, and in the succession
aforesaid; as the exigencies of the company may
require.

Sec. 11. And be it enacted, That no scrip issued
by the company shall be paid off in whole or in
part, so as to reduce the aggregate of the capital
and the surplus or reserved fund aforesaid below
the sum of one hundred thousand dollars; but the
capital shall not be regarded as impaired unless
the amount of stock capital created by or under
the second article of this charter is deficient by

Capital not
to be reduced
below one hun-
dred thousand
dollars.