to promulgate / to send out / to issue / to grant or confer
颁
=
分
+
页
:
Beelzebub (b) is issuing (颁) grants (颁) in front of the anthill (an1), but they are only valid if caught within one second. So he stands there throwing the papers (页) in the air, laughing like a maniac as he ticks his stop watch (分) and watching the people despair as they are unable to get the grants (颁) in time.