Baton Rouge tri-weekly gazette & comet. [volume] (Baton Rouge, La.) 1865-18??, 1866-11-13

either OF said purposes.
8. The Company may cause itself to be
reinsured against any risk upon which it
shall have made insurance.
4. The Company shall sue, and be sued
in its corporate name; and all citations,
and other legal process, shall be served on
the President Of the Company.
5. The Board of Directors shall have
power to invest, from time to time, the
money and capital of the Company in
bonds and mortgages on unencum bered
and improved real estate, stu ated within
the limits of the State, which, in every
case, shall DO deemed worth at least double
the amount loaned thereon.
6. They may also invest the profits of
the Company in any bonds or stocks Gre
ated by or under the laws OF the United
States, or of this State or of the corpo-
rations OF this State or city, or make
any loans on pledges of any of the afore-
said securities bonds or stocks or any col
lateral or bill of lading; provided, this
Investment shall not interfere with the
prompt distribution of net earned premi-
ums for the current year.
Z. They shall have power to dispose of
mortgages obtained by way of security, or
of stocks rledged for security, or of prop
erty conveyed to them in satisfaction of
debts previously contracted or purchased
at public sale, upon judgments or orders
Of seizure obtained by said Company, or
of any property movable or immovable,
which may have been pledged or aban-
doned to said Company, for or concerning
the operations of its business; but nothing
herein contained, shall be so construed as
to authorize the said Company to discount
negotiable paper, or to do any other bank
ing business, now, either directly or indi-
rectly deal or trade in buying or selling
movable or immovable property, goods,
wares or merchandise; provided also, that
the Company shall have the right to pur-
chase property or building for the pur-
pose of establishing an Office therein.
s. They shall fix the compensation of
the officers, clerks and employees elected
or employed by them in the service of the
Company, and shall also have power to
fill all vacancies which may occur in their
mber or in the Presidency.
9. They shall have power to adopt such
regulations and bylaws as to them shall
seem best, for the transaction of the bust
ness of the Company; provided. the same
shall not conflict with the true intent and
meaning of this act.
ARTICLE III.
SECTION /. All the corporate powers of
the Company shall be exercised by the
Board of Nine Directors, to be elected
from among the Stockholders; provided,
that after the election of Directors for or
ganization no Stakeholder shall be eligi-
BILE who does not hold in his name or that
Of his firm, at least twenty shares, which
stock shall have stood in his name or that
Of his firm, on the books of the Company
for at least three months prior to the
election.
2. Five Directors present at any meet
ing shall constitute quorum for bust
ness.
ARTICLE ".
SECTION l. The Capital Stock of this
Company is hereby fixed at Two Hundred
and Fifty Thousand Dollars, divided into
Twenty five Hundred shares of One Hun
bred Dollars each; subject to be increased
to Five Hundred Thousand Dollars. under
Article (l2tb) Twelfth of this Charter,
and it is hereby authorized to commence
business as soon as One Hundred Thou
Sand Dollars capital shall be subscribed.
The stock to be paid as follows The sub
scribers to the said stock shall pay Unto
the hands of the President upon the or
ganization of the Company for business).
the sum of Five Dollars in cash on each
and every share subscribed by them and
furnish notes approved by the Board Of
Directors to the order of the Company for
the remaining Ninety five Dollars, paya-
BILE on demand at the Office o. the Com
pany, at such time and in srch manner as
the Board of Directors shall determine;
provided, that no calls shall be made ex-
cept to pay losses, and then by INSTALL
= ~ MI
each share, at such period as may be agreed
upon by the Board of Directors; and pro-
vided further, that calls shall not be m ade
more fr quently than once in thirty days.
2. When an authorized call shall be |
made upon the Stockholders for any por-
ton Of their stock, notes due and lega! |
notice shall be given to each Stock holder |
of such call by the Secretary of the Com
panv. Upon the failure of any Stock
holder to pay the amount due on such C II |
so made and after such notification the |
stock owned by him shall be exposed for
sale at public auction; and should it bring |
a sum in excess of the amount called for |
and expenses Of the sale, said excess shall |
be paid over to the person or the legal |
representatives J, owning the stock prior to |
the sale The purchaser of the aforesaid |
stock shall be compelled to assume all the |
liabilities, such as stock notes, ETC., held |
by the Company ,gainst said Stakeholder. |
The release ofthe delinquent Stock holder
from liability upon his stock notes shall |
be at the discretion of the Board of Direct
ors.
g. That no Stakeholder shall ever be
be held liable or responsible for any con-
tracts or faults of said Company in any
further sum than the unpaid balance due
to the Company on the shares owned by
him.
A. No stock shall be transferred unless
such transfer be made on the books of the
Company; should auy Stakeholder desire
20 transfer his stock previous to full pay
nent of the same having been made, he
shall be permitted to do 50 by asubstitute
If the obligations of the party purchasing,
provided the substituted obligations are
to the Board of Directors.
ARTICLE Y.
SECTION /. The election for Directors
hall be held on the first Thursday of No
,ember of each year, at the Office of the
Company. Notices of such elections shall
,e given for at least ten consecutive days
Immediately preceding the election, in
English and in one of the city papers.
2. The Board shall appoint three Stock
FOLDERS, inspectors, to preside at such cleo