THOMAS H. HICKS, ESQUIRE, GOVERNOR.

561

hundred and fifty thousand dollars, such excess
and the portion of the profits hereby appropriated
to it, shall he paid to the stockholders as an ex-
tra dividend on their stock, one half of the re-
mainder of the profits, that is to say, forty-five
per cent, of the whole profits, less the interest on
the cash capital, shall he paid to the stockhold-
ers in cash, as a dividend on their stock, and
the other half of the remainder of the profits,
that is to say, forty-five per cent, of the whole
profits, less the interest on the cash capital, shall
be paid in cash, to the persons or firms, who
shall have paid premiums to the Company, as
a dividend pro-rata, on all premiums on risks,
which have terminated without loss to the Com-
pany, or any claim thereon which shall have
been earned, during the year, but no person or
firm shall receive a dividend on earned prem-
iums, unless such dividend shall amount to ten
dollars or more, and all such dividends less than
ten dollars, shall be carried to the credit of the
reserved fund hereinbefore mentioned.

SEC. 9. And be it enacted, That should the los-
ses and expenses of the Company in any one year,
exceed the earned premiums of that year, and the
whole amount, of the reserved fund before accumu-
lated, the capital stock shall be deemed to be de-
ficient to the amount of such excess, in case of
such deficiency the directors shall have power to
levy an assessment on the shares to make up the
deficiency, and after public notice is given in two
daily papers in the city of Baltimore, for at least
thirty days, of such assessment, and requiring its
payment, the directors may sell at auction the
stock of any shareholder, who shall neglect or re-
fuse to pay such assessment, within a week from
the time at which such payment is, and by said
public notice required, provided a price equal to
the assessment be realized for it, and a new cer-
tificate shall be issued to the purchaser for the
shares so purchased, and the old one shall be
cancelled in the books, and any surplus received
for the stock so sold over and above the assess-
ment and expenses, shall be paid over to the
holder of such canceled certificates.

Directors may
levy an assess-
ment on shares
to make up a
deficiency.

SEC. 10. And be it enacted, That in case any
person or persons entitled to interest or divi-

Company may
withhold inter-
est or dividend.