T. WATKINS LIGON, ESQUIRE, GOVERNOR.

389

portion of the invested funds of said company equal
to the amount so credited to him, or them, on the
books of said company as aforesaid, and also to the
receipt annually out of the interest or income derived
by said company from the investment of said profits,
of an interest not exceeding six per cent, per annum;
and said certificates shall also contain a proviso, that
the amount named therein is liable for any future loss
of said company, as provided in this charter, and
also a proviso for the conversion of the same into
stock of said company, in the case therefor in this

charter; Provided, but no person, or firm, shall be
credited with or receive a certificate for a share of
profits less than ten dollars, nor for any fractional ex-
cess over even tens of dollars, and all such shares
less than ten dollars, and all such fractional excess
over even tens of dollars, shall be carried to the con-
tingent fund of said company, and applied on ac-
count of charges and expenses, the fund represented
by this scrip, shall constitute a surplus or reserve of
said company for the security and payment of losses
and liable for any excess of losses, and expenses
above the earned premiums of any year, each later
annual issue or scrip, always to be first reduced or
wholly cancelled before any previous annual issue is
at all reduced and all the issues of scrip to be liable
to reduction and cancellation, before the capital stock
shall be encroached upon, and the board of directors
shall have full power to reduce and cancel the scrip
of said company, for the purpose and in the succes-
sion aforesaid, as the exigencies of the Company may
require.

Proviso.

SEC. 9. And be it enacted, (In the stead of the
provisions of the seventeenth section of the original
act so as aforesaid repealed.) That no scrip issued
by the company shall be paid off in whole or in part,
so as to reduce the aggregate of the capital and the
surplus or reserved fund as aforesaid, below the sum
of five hundred thousand dollars, but the capital
shall not be regarded as impaired unless the amount
of stock capital created by or under the second sec-
tion of this act, shall become deficient by losses or
otherwise, after the said capital and reserved profits,
merged into capital shall amount to the said sum of
five hundred thousand dollars, the board shall have
the privilege of withholding the subsequent earnings
of the company, for which dividend certificates shall
be issued, until the same amount to the sum of two

Instead of se-
venteenth lec-
tion.