T. HOLLIDAY HICKS, ESQ., GOVERNOR.

1860.

upon their stock subscribed for in semi-annual pay-
ments to the stockholders, and the stipulated inter-
est upon all outstanding scrip of the company,
thirty per cent, of the residue of the profits of each
year shall be paid in cash to the stockholders, as a
dividend upon their stock, and the remaining sev-
enty per cent, thereof, shall be apportioned among
the customers of the company, and scrip issued
therefor, as in the next article provided.

CHAP. 365.

ART. 8. There shall annually, at the time of
ascertainment of profits as aforesaid, be credited on
the books of said company to each person or firm,
who shall have paid any premiums to said compa-
ny, which shall have been earned during the pre-
ceding year, such a portion of said seventy per
cent, of profits, ascertained as aforesaid, as the
amount of such earned premiums during such year,
paid by such person or firm, and not returned,
shall be of the whole amount of premiums earned
by said company, less returned premiums, on risk
terminating as aforesaid, and thereupon the said
company shall issue to such persons or firms, re-
spectively, 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

Profits to be
credited to
persons pay-
ing premiums.

the company, as aforesaid, and also to the receipt
annually, out of the interest or income derived by
said company from the investment of said profits
of an interest not exceeding six per cent, per an-
num, and said certificate shall also contain a pro-
viso, 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 ten dollars, nor for
any fractional excess over even tens of dollars, and
all such shares less than ten dollars, and such frac-
tional excesses over even tens 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 payments of losses, and liable for any
excess of losses and expenses above the earned pre-
mium of any year, each later annual issue of scrip

Interest.