Article III.

There are no shares of stock in this Corporation, but each member's interest in the property of the Corporation, shall be proportionate to the amount such member shall have paid toward the cost of such property, and the expense of maintaining the organization, not only as a Corporation, but including the preliminary association known as the "Underwriters' Fire Patrol of San Francisco" organized in April, 1875. The interests of all retiring members, shall innure to the remaining members.