The New Orleans crescent. [volume] (New Orleans, La.) 1866-1869, 1868-04-25

pence ~
for the regusOn ana management of its affairs all in its
ARTICLE SECOND
TIE objects and purposes Of Company 10 make and
enter ali Of contracts agreements for Insurance.
of lives Of persons and t. male execute and issue policies
1lSnee o. human life and 70 do perform generally
act thing % he business Of Ne Insurance. De1ongns a
10 be rensured loss by risk or Isk wnich
sbs from time to time any policy policies
other Dbl cations issued or 60 be issued oy sad On
Company may interested the President
appointed in the manner hereinafter provided for
20 ARTICLE THIRD.
The capital @ % S sS n shs BE- Ss Ss
Of hundred dollars EACH SO to be paid for at the time
The subscribers to the said Company shall pay into the
If % ZEN dollars o each and every stock SUBSIDIZED
by them the remaining ninety doirs per share payable on
such demand 70 be only the losses The Com
20 psS ths same fhs said capital stock Of ve hundred
thousand collars may be by tEothrds vos tbs STOCK
d dSGsa.' 'N'''N y - - go
All the corporate powers the Company shall be exercised
by Board OF fifteen Directors, Eve whom shall constitute
The following named Stockholders are hereby constituted
Boaro Of D eetors and invested with all the rights
u powers herein specified, tO-wit:
John PsmbsrtOn, W. s PiEs. EdTsFs s. RlEnsy'
II sioconb. A, Tho%%p,on, Al'Ea1 si9.I Marks
George A. Fosdich MARSHALL j. Smith, Edward Barnett.
The Board % s S .s IssdsS FOR ss
who shan onicio be member Of said Board and wao
Company and shah ign ali the policies shall
the business Of the Company generally under the supervision
Tothe that the term Of service whole number of
a Bd eSs ysar the said Bosd shall BY lot divided into
three " Gns sSss a1s Known IN Se
class class third class. the term of VIII
aSs Sns Iea2 ba II @ econd class years. and
that the third class in three years And on the third Mon
holden the office Of the Company in the city Of New Or
he BOARD of Directors an election for ecors the place
those whose Of service shah thee expire Of
which notice. of not less than
sba be gwen BY public in two negpaPsrs
Directors nesting OF said Board prior to such
election three competent not Directors in
pernte ard conduct the same snd TO certify to said Board
decline fail TO attend President shall have the power
appoint others ill the vacancies Nothing in this act on
bic TO reelection to said Office Of Director
Of Nay after the sstioa and hold Il, same us
tsFi1s place dsy liked PssSest shall
, bs,eef nv dyerssrepis in two OF the papers pub
Of New Orleans repeating The saae, if
Zach and every siockhoder shall be entitled either per
sHs or y PGas may sos provided that
ons shall be entitled to greater number Of vot than hy
ninety days prior TO such election
| ARTICLE FIFTH.
No person shalt capable of bsng director Of said Com
who does net At he time OF MS election ana during MS
merca Of which be may be pa shares Of the
ether his lite or that q any other person for
his ben, for the Il at lesss five thousand d'lars
ARTICLE Sixth.
The Board Of Directors shall fix the compen
sstiOn of all officers, clerks and employees OF hs Company
the profits and gains OF the Company fran
aaoS e % s' % sSd M tie pfopsT
Of the Company and the tran actions Of is AFFAIRS and
shan bot laws Of this State the
DO and perform ali scls and things provided for
which be necessary to carry into an elect the objects
power Ell all vacancies which occur in their number
! or in the Presidency ....f q lr.-
| ARTICLE SEVENTH.
The Board of Directors shall have power invest from
time 10 time the money aud capital Of the Company bonds
mortgages uni cumbed improved and unimprsved
deemed worth at least double the amount oAsd thereon
~ o treated by or undT the laws q the United states
Of this STATE Of this city Of corporations Of this
ties bonds stocks They sh, have poser to dposs q
10 security or Of prOSert to
debts previously contracted purchased public sale
Of ann property movable OF ovsbs witch may have been
to the said Cs%p%y for or Concerning me oPer
20 construed authorize said Company ia
SRssr . G6 % zonss Or Banking
any kind provided also that the Company shall have The
tsbHshing their Office tderein.
ARTICLE EIGHTH
No shall be transferred unless such transfer be msdt
y. nf Of New oeahs and no transfer shall De made While
any Indebtedness to the Company eyss on the part q suct
permitted 70 do 80 by substituting the obligations Of Il
party purchasing provided always that the oessdons pro
70 the Board Of Directors And the said Board of Director
security any stakeholder Whenever they deem the Sc
e on The SsrG S1 n ssSSns. for Losses
damage incurred By said Company beyond the amount
ARTICLE NINTH.
In the month Of April Of each year the President and pl
rector Of the Company shall make be m'de b.
the proper officer Of the Company estimate Of the profit
paid into Company Of premiums tn
preceding twelve months and By whom s,I paid which state
Of the Company fer ssmi ;.iSn and Information o. al parts
the offs Company exceed its losses and
Penses BY more than ten per cent Of is cap tai ssoe
holders and shall not award any return - the tnsu
uapy as a reserve future losses Liabilities
Butt shall appear from such statement. that the profit.
per its capital then the President and Directors sha
cent nor more than 6neha Of sneh excess as they ma
deem proper to be ssDs BY the Company as ssevsd and
and divided between the several steckholders and nsarers
and The amount Of premiums pd bv each insurer and sha
order the pope centage 20 be paid TO the several
shall be entered credit their stock respectively
4''' '' ARTICLE TENTH.
Any policy issued by this Company for III
benefit advantage of he VILE dow children sthe
mother of any individual shall not be held made lab
for debts contrasts eRgaeemens Of the person Who
life may be insured and all such Insurance In u
OF the decesse Of the whose life Is
insured shall be paid the person persons oened tally
terested therein be held by him her them free
discharged Of AZ from all preexstog debts contracts An
whatsoever Of the person deceased except tho
Of the Company.
ARTICLE ELEVENTH
At the time Of the dissolution the Charter o. his
pany, If ordered by vote Of ihe sioekhoders
hereinafter provided affairs Of said Com shall
hqu6aed its paid under the charge and snperine
be appointed by the Boa
Directors shall remain IN ofce until the in
Liquidation OF the affsirs Of the Company.
ARTICLE TWELFTH.
This set Of Incorporation may be modified. altered
amended or the dissolved, at general NEE
Of to be convened for that ap
thnty Gays notice English and French languages,
aforesaid herein prOvi led for and with the assent
treeourhs Of the stock represented at such meeting;
any and al such M dhcatons alterations amendments
dissolution tha be recorded and Published according 70 Ia
ARTICLE THIRTEENTH.
The paes end respective inter- parties 10 this