shall make a full report of all the institutions organized under this
Act, and such reports shall show what the profits are of the National
Land Credit Bank, and of the several State associations, and of each of
the local associations, respectively. Thereupon the board of directors
of the National Land Credit Bank shall set apart one-half of the net
profits so certified to by the United States auditor as a part of its
surplus account, and may carry the balance as undivided profits, or
may declare such a dividend out of its undivided profits as in their
judgment seems wise.