associations shall thereupon 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 and may declare
and pay such a dividend out of the undivided profits as in their
judgment seems wise.
The executive committee of the several local associations 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 and pay such a dividend out of the
undivided profits as in their judgment seems wise.