LAWS OF MARYLAND.

1843

profits shall be invested in any of the securities authorised
by the act to which this is a supplement, and no part of
such profits shall be withdrawn except as is hereinafter
provided, but shall be liable for all losses and expenses in-
curred by the company during the continuance of its char-
ter, but the interest accruing on such investments may be
divided annually.

Chap. 325

Sec. 4. And be it enacted,That in estimating the propor-
tion of profits, to which each person effecting insurance
with this company may be entitled annually, the stockhold-
ers of the capital stock of one hundred and fifty thousand
dollars, shall be deemed and held, to have paid annually the
sum of nine thousand dollars as premiums of insurance.

Profits, &c.

Sec. 5. And be it enacted, That every person who shall
effect insurance in this company and every stockholder shall
be entitled to a credit on the books of the company, of his
proportion of said profits, sharing pro rato according to
the amount actually and totally earned, on premiums paid
or the amount of the interest on the stock held by him re-
spectively, and shall be entitled to receive a certificate
thereof, which certificate shall contain a proviso, that the
amount of profits named therein, is liable for any future
loss of said company, and that the same is not transferrable
except by written assignment entered on the books of the
company, but no certificate shall be issued for a less sum
than twenty dollars, nor for any fractional sum or sums less
than twenty dollars, but all such fractional sums are to be
passed to the general fund of the company, and applied to
the expenses and other charges of said corporation.

Persons and
stockholders
entitled to cre-
dit on books.

Sec. 6. And be it enacted, That it shall be lawful for said
company, from time to time, to divide among the holders
of said certificates so much of the profits of said company
as may have accrued and may not have before been distri-
buted to an amount not exceeding six per centum per annum
or in case of losses to declare a pro rata deduction of the
amount of the outstanding certificate, original certificates
may be called in by the company and new ones issued in
their stead, less the proper reduction, all certificates and
interest in the company shall be deemed personal property.
Sec. 7. And be it enacted, That whenever the capital of
the company shall amount to three hundred thousand dollars,
the said certificates shall be paid annually thereafter begin-
ning with the certificate of the oldest date.

Company to
divide profits.

Sec. 8. And be it enacted, That all such parts of the
original act, to which.this is a supplement, as are inconsis-
tent with or repugnant to the provisions of this act, be and
the same are hereby repealed, and all the powers, rights
and privileges conferred by the said original act, not incon-
sistent with or repugnant to this act, shall remain and con-
tinue in full force, together with this act

Acts inconsis-
tent with this
repealed.