516

LAWS OF MARYLAND.

provided, the accumulated capital shall be repre-
sented by scrip, and Shall be issued from time to
time to the policy holders.

Interest.

Sec. 13. And be it enacted, That the holders of
the guarantee capital shall be entitled to an annu-
al interest not exceeding seven per cent., the first,
payment thereof to be made at the expiration of
one year from the date of the issue of policies by
the company, the holders of the scrip shall be enti-
tled to an annual interest not exceeding six per

Provoso.

cent.; provided, there shall remain of the receipts
of the company sufficient for that purpose, after
payment of the current expenses and losses of the
company, and adequate provision for outstanding
policies, in case there shall not remain of the re-
ceipts of the company for any year after paying
the losses and expenses of that year, and providing
for outstanding policies sufficient to pay the inter-
ests provided for in this section, the interests on
the guarantee capital shall be paid first, and the
balance, if any, be divided pro rata among the
holders of the scrip.

Profits — how
to be disposed
of.

Sec. 14. And be it enacted, That after the cur-
rent expenses, losses and interests provided for in
the preceeding section, are ascertained for each
year and paid, and an adequate provision for out-
standing policies made, one-eighth of the profits
shall be paid the holders of the guarantee capital,
the remaining seven-eighths shall be issued in
scrip once every three years, proportional to the
holders of policies which shall have been in exis-
tence for one year previous to such issue, and which
policy shall be unexpired in case of the death of
an insured party, scrip for his or her proportion of
the profits which may have accrued previous to his
decease, and since the last issue of scrip, shall at
the next succeeding time of issuing scrip be issued
to his or her legal representatives or assigns, the
first issue of scrip ae aforesaid may be made on the
first day of January, next after three years from
the organization of said company, or at such time
as the Board of Directors shall direct, and all sub-
sequent issues of scrip shall be made tri-annually
from the first day of January, in the last preced-
ing year in which scrip was, or would have been
issued if the profits of the company would have al-
lowed such issue, or within thirty days thereafter,