1. The net dynamic force acting on the shaft is equal to zero. This requires that the line of action of three centrifugal forces must be the same. In other words, the centre of the masses of the system must lie on the axis of rotation. This is the condition for static balancing.
2. The net couple due to the dynamic forces acting on the shaft is equal to zero. In other words, the algebraic sum of the moments about any point in the plane must be zero. The conditions (1) and (2) together give dynamic balancing.