THOMAS G. PRATT, ESQUIRE, GOVERNOR.

1845.

be issued by the company in amounts not less than ten
dollars, to be signed by the president and transferable
only on the books of the company; which scrip shall
bear and receive such interest, to be paid at such lime as
the board shall determine, as shall be realized from the
investment of the funds of the company, and shall be re-
deemable only in the manner hereinafter provided for, or

CHAP. 125.

at the final dissolution of the company; provided, how-
ever, that in case in any subsequent year, the Company
shall, by reason of losses, diminish the amount of such
reserved profits, the said sum specified in said scrip, and
to the credit of the persons entitled to the same, shall
proportionably abate; and notwithstanding the issue of
said scrip, all the funds of the company shall, at all times,
during the existence of said company, be liable for any
losses happening by reason of any risks insured against;
the form in which said scrip shall be issued shall be fixed
and determined by the board of directors.

Proviso.

SEC. 17. And be it enacted, That when the accumu-
lation of the nett profits of the company shall exceed sixty
thousand dollars, the excess shall be applied to the pay-
ing off of the stock loan pro rata to the holders of the
certificates thereof, in such manner, and at such times as

Nett profits ex-
ceed $60, 000.

the board shall deem most advisable, provided, that no
payment shall be made at any one time of an amount less
than one-tenth of the original amount of said certificates,
except the final payment to liquidate the balance due on
said certificates; and when the accumulation of said nett
profits shall exceed the sum of three hundred thousand
dollars, the excess shall be applied at such times and in
such manner as the board shall deem advisable to the re-
demption of the scrip of the company, in the order in
which said scrip was issued, no scrip of a subsequent
year to be redeemed until the scrip of preceding years
shall have been provided for.

Proviso.

SEC. 18. And be it enacted, That no member shall be
liable for any losses or expenses of the company beyond
the premiums paid, or the certificates of stock loan held
by him as hereinbefore provided.

No member
liable for loss,
&c.

SEC. 19. And be it enacted, That the said company shall
not be competent to purchase, take, or hold any real es-
tate, other than such as shall be requisite for its imme-
diate accommodation, in relation to the convenient trans-
action of its business, and such as shall have been bona
fide mortgaged or conveyed to it by way of security,
or in satisfaction of debts contracted in the course of its
dealings, or purchased at sales upon judgments which

Not to hold
any real estate.