THOMAS G. PRATT, ESQUIRE, GOVERNOR.

1845.

the estimates, and the said certificates shall be transfera-
ble only on the books of the company, under regulations
to be prescribed by the by-laws, and shall contain a pro-
viso, declaring the same to be subject to any future losses
and expenses of the company, until the same be redeem-
ed as is hereinafter provided for, and subject to be re-
duced by the board, in case of losses and expenses in
any subsequent year, exceeding the estimated profits of
such year.

CHAP. 291.

Certificates
transferable.

SEC. 18. And be it enacted, That no original certi-
ficate shall be issued for a less sum than ten dollars, nor
lor the fractional sums between even tens of dollars, all
such sums are to be passed to the general fund of the
company, and be applied to the expenses and other
charges of said company.

No original
certificate is-
sued less than
ten dollars.

SEC. 19. And be it enacted, That in case any person
or persons entitled to interest on certificates of stock or
profits, or a certificate of profits shall be indebted to the
company for sums past due and unpaid, the company may
at its option withhold the interest or certificates, or both,
and deduct such sum or sums from the amount thereof,
or reduce or cancel the same, and for any debts due by
any holder or certificates of stock or of profits to said
company, the company shall have a lien on all the inter-
est of said debtors in said company, and its profits, but
persons insuring or entitled to certificates, shall not be
answerable by reason thereof, or of any thing contained
herein, except for the payment of their premiums, or
other notes given in advance for premiums.

Any person in-
debted to com-
pany, the com-
pany may with-
hold interest.

SEC. 20. And be it enacted, That it shall be lawful
for said company from time to time, to divide such part
of the interest accruing on its investments, as it may
deem equitable, not exceeding six per cent, per annum
to, and among the holders of the certificates of profits,
or in case of losses, to declare a pro rata deduction of
the amount of the outstanding certificats of profits; ori-
ginal certificates of profits may be called in by the com-
pany, and new ones issued in their stead less the proper
reduction; all certificates and interest in the company,
shall be deemed personal property.

Lawfull to di-
vide interest
on investments.

SEC. 21. And be it enacted, That the thirty-first day
of December, of the second year after the day on which
the first policy of the company shall have been issued,
and bear date, or within one month thereafter, and on the
thirty -first day of December, or within one month there-
after, of every subsequent year, the company shall cause
to be made a general balance statement of its affairs, to

General state-
ment of its af-
fairs.