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members; notice of such meeting shall be given ten
days, successively, in two.of the newspapers printed in
Baltimore, and special meetings of company may be
called whenever the president and directors may deem
it expedient, upon the same notice.
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CHAP. 101.
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SEC. 15. And be it enacted, That an annual state-
ment shall be made of the company's business up to the
fifteenth day of June, eighteen hundred and fifty-one,
and in each and every year thereafter on the same day
to ascertain the nett earned premiums, as near as may
be, for the preceding year, and which shall contain a
fair estimate of the nett profits of the company , not be-
fore divided up to, and including the said fifteenth of
June, of each and every year, taking into view the pro-
bable amount to be paid on all chums and demands,
which have been or may be made against the company,
and allowing for any previous deficiencies, said state-
ment to be completed by the last day of the same month ;
and if it be ascertained that any profits have been made
during the above period, the directors or the majority of
them, may declare a dividend of said profits, the officers
of the company may issue certificates of a certain per
centum on the earned premiums paid or secured, to be
paid during such period, to the persons in whose names
the policies of insurance were originally made, or to
their representatives, and to die holders of certificates or
their representatives, the said persons insuring and the
said holders of certificates of stocks, having the amount
thus actually earned pro rata, according to the premi-
ums paid, and for the amount of stock held by them res-
pectively which certificates shall be designated dividend
certificates, and shall be conclusive upon the parties en-
tided to receive them as such, and shall be transferable
only on the books of the company, under regulations
prescribed by the bye-laws, and shall contain a proviso
declaring the same to be subject to any future losses and
expenses of the company, until the same be redeemed
as is hereinafter provided for.
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Directors —
how and when
elected.
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SEC. 16. And be it enacted, That no original divi-
dend certificate shall be issued for a less sum than ten
dollars, or for the fractional sums between even tens of
dollars, but all such sums less than ten dollars, and all
such fractional parts of sums shall be placed in a contin-
gent account, and applied to the expenses, losses and
other charges of the company, and that it shall be law-
ful for the said company, from time to time, to divide
such parts of the interest accruing on its investments, as
it may deem equitable, not exceeding six per cent per
annum, among the holders of dividend certificates.
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Accruing inte-
rest, &c., may
be divided.
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