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chap. 297.
No seperate
dividend state-
ment to be re-
quired for the
year 1844.
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of the board, when any business in which he is interested,
shall be finally determined and passed upon.
Sec. 19. And be it enacted, That no separate divi-
dend statement shall be required for the year eighteen hnn-
dred and forty-four, but after that period an annual divi-
dend statement shall be made, which shall contain a fair
estimate of the nett profits of the company not before di-
vided, up to and including: the last day of December, of
each and every year, taking to view the probable ac-
count to be paid on all claims and demands which
have been or may be made against the company and
allowing for any previous deficiences, such annual state-
ment shall be completed by the fourteenth of the month
of January succeeding the period to which it relates, and
after ascertaining in this mode, the nett profits of each
period on risks marked off, the board may deerare a divi-
dend, and the officers of the company issue certificates
of a certain per centum on the premiums received during
such period for such marked off risks, to the persons in
whose names the policies of insurance were originally
made, or to their representatives, and to the holders of
certificates of stock, or their representatives; the said per-
sons insuring, and the said holders of certificates of stock
showing the amount thus actually earned pro rata accord-
ing to the premiums paid or the amount of interest for
such period payable on the stock held by them respective-
ly; which certificate shall be designated certificates of
profit, and may be issued as is hereinafter provided for,
and the amounts named in such certificates shall be con-
clusive upon the parties entitled to receive them at such
periods, and not to be changed by subsequent events,
shewing the actual payments to be more or less favoura-
ble than the estimates, and the said certificates shall be
transferrable only on the books of the company, under
regulations to be prescribed by the by-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, and subject to
be reduced by the board, in case of losses and expenses in
any subsequent year, exceeding the estimated profits of
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No original
certificate to
be issued for
less than $10.
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such year.
Sec. 20. And be it enacted, That no original certifi-
cate shall be issued for a less sum than ten dollars, nor
for the fractional sums between even tens of dollars, all
such suras are to be passed to the general fund of the
company and be applied to the expenses and other char-
ges of said company.
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