A. W. BRADFORD., -ESQUIRE, GOVERNOR.

but in making such issue of scrip, no fraction of a
year shall be .allowed; after such profits shall
amount to five hundred thousand dollars, the Di-
rectors may in their discretion apply the further
profits to the payment of the scrip issue for profits,
and new scrip shall be issued for profits for each
year.

517

Sec. 15. And be it enacted, That the scrip shall
be exhausted in the payment of the liabilities of
the company before the guarantee capital shall be
impaired, and all scrip for profits shall contain a
provision to that effect, in case the losses of any
one year shall exceed the profits of that year, the
excess shall be assessed on all outstanding scrip,
and shall be charged to the holders thereof respec-
tively; interest thereafter shall be payable at the
rate of six per cent, per annum upon the amount
of scrip as reduced by such assessment (except as
herein otherwise provided) until such amount shall
be further reduced by losses, or until such scrip
shall be redeemed by profits.

Liabilities.

Sec. 16. And be it enacted, That any person in-
suring in the company who shall omit any premium
or any periodical payment due from him to the
company shall thereby forfeit to the company all
claims under his policy, and all previous payments
made by him, except that in case any scrip shall
have been issued, the right thereto shall not be
effected by such default.

May forfeit.

Sec. 17. And be it enacted, That the Board of
Directors may, for the benefit of the company,
purchase all policies of insurance and other obliga-
tions issued by the company, and may also extin-
guish by purchase, all claims and demands of poli-
cy holders for profits declared or accumulating.

May purchase.

Sec. 19. And be it enacted, That it shall be law-
ful for any married woman by herself, and in her
name, or in the name of any third person with his
assent, as her trustee, cause to be insured in
said company for her sole use, the life of her
husband for any definite period, or for the term
of his natural life, and in case of her surviving
her husband, the sum or net amount of the insur-
ance becoming due and payable by the terms of
the insurance, shall be payable to her and for
her own use, free from the claims of the repre-

Harried wo-
men may in-
sure.