E. LOUIS LOWE, ESQUIRE, GOVERNOR.
555
distributed among the members in proportion to the
amount and distribution of their policies; Provided, no
dividend shall be declared until the net profits exceed
twenty-five thousand dollars, and the first dividend only
to be made of the profits exceeding this sum, and in
case the net profits exceed the sum of twenty-five thousand
dollars, the person holding a policy, or his executors,
administrators or assigns, may renew the same for
seven years thereafter, by executing his note or confessing
a judgment as aforesaid, for one-half of the original
premium, and every seven years thereafter, shall be
entitled to a similar reduction, until the whole premium
shall be extinguished, at which period, his, her or their
property shall be insured without premium, interest or
expense, as long as this charter shall endure; Provided
always, that before any such reduction of premium or
interest, shall be made at every septennial distribution
of profits after the first distribution, the sum of ten
thousand dollars of the net profits shall be added to the
first sum of twenty-five thousand dollars, to constitute
an active capital to meet losses, and all of the first section
of the supplement to the said original act hereby
amended, passed at December session, in the year
eighteen hundred and forty-nine, chapter five hundred,
which provides that the fourteenth section of the original
act to which this is a supplement, shall be so altered
as to read thus: strike out all after the word policies,
in the fifth line of said section, and insert; Provided,
no dividend shall be declared until the net profits exceed
ten thousand dollars, and the first dividend only
to be made of the profits exceeding that sum, and in
case the net profits exceed the sum of ten thousand
dollars, the person holding a policy, or his executors,
administrators or assigns, may renew the same for seven
years thereafter, by executing his note or confessing a
judgment as aforesaid, for one-half of the original premium,
and every seven years thereafter shall be entitled
to a similar reduction, until the whole premium
shall be extinguished, at which period, his, her or their
property shall be insured without premium, interest or
expense, as long as this charter shall endure; Provided
always, that before any such reduction of premium or
interest thereon shall be made, at every septennial distribution
of profits, after the first distribution, the sum
of five thousand dollars of the net profits shall be added
to the first sum of ten thousand dollars, to constitute an
active capital to meet losses, be and the same are hereby
repealed.
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Provisoes.
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SEC. 8. And be it enacted,
That this act shall be
submitted to the members of the said Mutual Insurance
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To take effect.
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70
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