The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1860-12-14
CHE 9aiEp aonrmal.
FRIDAY MORNING. ........... DECEMBER II

hORILLARD FIRE INSURANCE Co.-By the
consent, in writing, of over three-fourths
of the Stockholders, the insured will be al
lowed to participate in the net profits of toe
Company, to such an extent and upon such
terms as the Board of Directors may deem
exTedlent, unless upon said Policies shall be
written the words following" This Policy
does not enttle the policy holder to a par
ticipation in the profits" or words to that
effect; and in case of such endorsement,
the holder shall not be entitled to partici-
pate in said profits.
EIRsT-Within one month after the ex-
plration of each fiscal year, the profits of the
year shall be ascertained in the following
manner:
Interest at the rate of seven per cent. per
annum upon the Capital, and upon what
ever amount Of surplus not belonging to, or
set apart for, Policy or Scripholders, shall
be first retained and set apart as the proper
~ of the Company; the balance of interest
received or accrued during the year, includ-
ing the discount on losses paid before ma
turIty, and the amount of premiums earned
during the year, shall then be ascertained,
and the sum of these shall be considered
gross receipts.
The expenses, losses, reinsurance, interest
paid on Scrip, or is to be paid, and all other
charges and liabilities shall be considered
the gross expenses these gross expenses
being deducted from the gross receipts, the
balance shall be considered the profits OF
the business for the year, and this estimate
shall be binding and conclusive upon all
persons entitled to participate in said
profits.
SECoND.-Three-fou of the balance
of profits so ascertained shall be divided to
I I L IL L.
them for such sums as they shall be respect
lively entitled to, in proportion to the
amount of premium paid by each, which
Scrip shall be entitled to such interest, not
exceeding six per cent annually, as in the
judgment of the Board of Directors the
business of each year shall warrant; but
no scrip shall be issued for any sum below
Three Dollars (S3 OO,) or for fractions of
dollars
THIRD.-The funds represented by said
Scrip shall be applicable to its entire extent,
if necessary, for all losses and expenses ex-
ceeding the earned premiums of any year !;
esch later annual issue of Scrip to be first
reduced or wholly cancelled before any
previous annual issue is reduced and all the
annual issues to be cancelled before the
capital of the Company, or any portion
thereof, shall be applicable to such losses !;
anu the Board OF directors snail nave Iull
power to apply said fund and cancel said
Scrip, for the purposes and in the succession
aforesaid, as the exigencies of the Company
may require.
FoURTH-The Scrip shall be redeemable
as follows Whenever the fund represent
ed by said Scrip shall exceed Five Hundred
Thousand Dollars, the Board of Directors
shall thereafter apply the excess Of said fund
annually toward the redemption of the said
Scrip, commencing with the earliest in date.
Notice of the redemption of the Scrip shall
be given for ten days, in two daily newspa-
pers published in the city of New York, and
all interest shall cease on such Scrip at the
time mentioned in said notice for the re-
demption thereof. All Scrip not taken with
in two years of the time when the same
shall be declared, shall be forfeited aud be-
come the property Of the Stockholders.
FIFTH-By holders of Policies is intended
not only the party in whose name the policy
is issued but also the party TO whom the
same is assigned and the Scrip for the
amount to which the the premium paid en-
titles the holder may be issued to either, at
the option of the Company.