388

LAWS OF MARYLAND.

and the fifteenth day of June next following, but the
same shall be accounted and computed, as a part of
the next ensuing fiscal year.

Instead of fif-
teenth lection.

SEC. 7. And be it enacted, (In the stead of the
provisions of the fifteenth section, of the original act,
so as aforesaid repealed.) The officers of said com-
pany, shall within one month after the expiration of
each fiscal year, cause an estimate to be made, as
near as may be of the profits of said company, dur-
ing the preceding fiscal year, in which estimate the
losses and expenses of said company for the year
shall be deducted from the earnings of said company,
and the income of its capital and invested accumu-
lations, during the same year, the balance if any,
shall be deemed the profits of the company for such
year, and this estimate shall be binding and con-
clusive upon all persons, as well stockholders, as
those entitled to receive certificates of profit, as here-
inafter mentioned, after applying from those profits,
sufficient to cover the payment of six per cent, per
annum upon the par value of their stock, in semi-
annual payments to the stockholders, and the stipu-
lated interest upon all outstanding scrip of the com-
pany, twenty-five per cent, of the residue of the pro-
fits of each year shall be paid in cash to the stock-
holders, as a dividend upon their stock and the
remaining seventy fire per cent, thereof shall be ap-
portioned among the customers of the company and
scrip issued therefor as hereinafter provided.

Instead of six-
teenth section.

SEC. 8. And be it enacted, (In the stead of the
provisions of the sixteenth section of the original act
so as aforesaid repealed.) That there shall annually
at the time of the ascertainment of profits as afore-
said, be credited on the books of said company to
each person, or firm, who shall have paid any pre-
miums to said company, on risks, terminating with-
out loss to the company, or any claim thereon, which
shall have been earned during the preceding year
such a proportion of said seventy-five per cent, of
profits as 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 during said year,
by said company (less returned premiums) on risks
terminating without loss or claim as aforesaid, and
thereupon the said company shall issue, to such per-
son, or firms respectively, certificates declaring him
or them and his or their assigns, to be entitled to a