Dividends in cash or otherwise may be paid to policyholders annually, or at such times as the directors may decide upon. The percent of dividend to be paid shall be fixed from time to time by the board of directors, and the board’s action shall be final, both as to the percent of dividend and the time when it shall be paid to the policyholders. The percent of dividend shall be the same to all in each class of policyholders, but shall not be so large as to require the payment for any calendar year of more than fifty percent (50%) of the company’s net cash surplus at the close of that year.