THOMAS H. HICKS, ESQUIRE, GOVERNOR.

423

of such amount, transferable only on the books of
the Company, and containing a provision that the
same shall be subject to any future losses of the
Company, but no person entitled to a certificate as
aforesaid, shall be answerable by reason thereof or
of any thing contained therein, except for the pay-
ment of premiums and notes, or other obligations
given for premiums; no certificate, however, shall
be issued for a less sum than one dollar or for any
fraction of a dollar, nor claimed within two years
from the date of the dividend whereof it may be
evidence, but the same, together with any fractions
as aforesaid, shall in such cases be carried to the
contingent fund.

SEC. 15. And be it enacted, That nothing in this
act shall be construed, to prevent the Company
from issuing policies for limited terms of years,
either on life or loss and damage by fire, with or
without a participation in the profits of said Com-
pany, nor to prevent the issuing of policies for a
larger amount than five thousand dollars, when
the accumulated premiums shall have reached the
sum of two hundred thousand -dollars, but the ex-
cess of any policy above five thousand, shall al-
ways be reinsured.

Not to be con-
trued.

SEC! 16. And be it enacted, That the directors
shall annually assume the balance mentioned in
section eleventh as ascertained, cause a general
statement to be prepared, exhibiting the amount
of premiums received during the previous year,
the amount of expenses, the amount of losses paid
and incurred, the balance remaining, and the cash
in hand, together with the amount, nature and
condition of the securities, and other property be-
longing to the Company, a printed copy of which
shall be delivered to each member of the Com-
pany on demand.

General state-
ment to be pre-
pared.

SEC. 17. And be it enacted, That whenever the
nett profits of the Company, shall exceed two
hundred thousand dollars, it shall be the duty of
the directors, to apply the excess to the redemp-
tion of each year's certificates of profits, in the or-
der of their dates, and according to their respec-
tive priorities, subject to provisions of section
eleventh; but no certificate shall be issued to any
person who is in debt to the Company, and no
transfer of any certificate shall be permitted so

Duty of Di-
rectors.