capital stock and the profits made from the busi-
ness of said corporation will warrant it, declare a
dividend to the stockholders, which dividend in
the aggregate shall never exceed the rate of ten
per cent. per annum, except as hereinafter pro-
vided for, on said capital stock paid up.

Directors to
ascertain the
amount of bal-
ance of inter-
est and profits

Sec. 10. And be it enacted, That immediately
after the termination of each fiscal year for which
a cash dividend or dividends shall have been de-
clared by which a sum equal to ten per cent. per
annum on the paid in capital stock from the com-
mencement of business by said corporation shall
have become payable to the stockholders as afore-
said, the Board of Directors shall ascertain the
amount of the balance of interest and profits
which will remain on hand after paying the divi-
dend or dividends so declared, and shall pay in
cash such part of such balance not less than one-
fifth to the stockholders of said corporation in pro-
portion to the amount of stock held by each as the
Board of Directors for the time being may deem
expedient and proper, for the remaining balance
of profits they shall issue certificates not exceed-
ing eighty per cent. to such persons as shall
within the preceding fiscal year have held a par-
ticipating policy or policies issued by said corpo-
ration, and which shall then have expired, in
proportion to the amount of premium paid by
each; all the certificates so to be issued shall bear
such an interest, payable annually, as the business
of each succeeding year will warrant and as the
Directors may deem expedient, not exceeding six
per cent. per annum, and be redeemable as herein-

Value of cer-
tificates.

after provided. No certificates shall be issued to
any policy holder for a less sum than five dollars,
and each certificate which shall be issued for a
larger sum shall only be for an exact multiple of five
dollars; all fractional parts of five dollars which
would otherwise have been included in the sums
forwhich such certificates would have been issued
shall be passed to the credit of said corporation;
such certificates shall only be transferable on the
books of said corporation under regulations to be
prescribed by the by-laws and shall contain a pro-
vision declaring the same subject to be reduced by
the Board of Directors to meet losses or expense?