309

Profits and losses shall be distributed at least semiannually, and always before issuing a new series of stock to the shares then outstanding. Profits and losses shall be distributed to all shares, in all series outstanding at the time of such distribution, in proportion to their holding value, as distinguished from their withdrawing value, except that in addition thereto distribution of not exceeding the amount of the entrance fee, if any, in the discretion of the board of directors, may be made to each share outstanding in the last series issued prior to the distribution. Nothing contained in this subchapter shall prevent a board of directors from declaring uniform dividends upon shares other than installment shares, at a rate less than the rate currently declared on installment shares.