The New Orleans crescent. [volume] (New Orleans, La.) 1866-1869, 1868-04-28

manager directors and officers its interests and
nience reQure aAd 70 create snd establish pseeer
corporate capacity.
ARTICLE SECOND.
The objects and purposes Of sad company
Of lives persons male and issue policies
Of of kind and nature whatsoever for the in
human life and TO do and perform generally
thing to The business of life insurance belonging in
os ss o % % & s h
be taken By said Company and may for It's oeseh pu
obligations issued be issued by said corporation
Company may be shall be served on the President
be appointed in the manner hereinafter provided for
ARTICLE THIRD.
The capital stock Of Company shall be Eve hundred
thousand dosrs s50OOO divided into shares
hundred dollars each $780, be paid for at the time
and in the following, tO-wit
hands OF the PRESIDENT upon It's organization for business the
of dollars each snd every share Of stock subscribed
demand the office the Company after fifteen days notice
psny should exceed the amount available assets hand
10 the The said capital stock of Ave hundred
thousand dollars be by twothirds vote the stock
holders, extended to amount not to exceed i've million
dollars. - -
All the corporate powers Of the Company be
by Board fifteen Directors five of ~hOm shall constitute
The following named Stockholders hereby constituted
the first Bosro of D eetos and invested with all the rights
and powers herein specified, to-wit:
John Pemberton, ". s. Pike. Edward Rigney.
q. III. SOcOmb A IhOmprOn. Alexander Marks
George A Fosdck, Marshall j. Smith, Edward Barnett
The sSsd s S S @ RssS 70: @
who shsA exoHcio be member of said Board, and VINO
Company and shall ign ali the policies and shall conduct
the business Of the Company generally under tae supervision
Toihe the Of service Of the whole number of
said Board Of o moi expire a. ss sTG o. sS a
three classes hsvg one equal number Of IN each
6rst class class third class the Of whose
service shall respectively expire follows That Of the first
that the third class in three years And the third
day Of April in each and every year there shall &c
eans between such hours be named designated by
and stead Of those whose term Of service shall ts expire Of
which said election previous notice. OF not less than days
pubSsd this city, and il shall be the duty Of the Board
Directors nesting of said Board prior to such
elections appoint three competent persons not Directors in
SAID Corporation TO act inspectors OF such election to
he thereof and should an, of the persons 90
decline fail attend the President shall have the
shall be so construed as TO render any Director ne
Bile 70 reelection to said Office Of Director.
S s , Ind s ss .Sa leafs S on the e. .s
taking the day 6xed the President shall
notice thereof By in two Of the papers pub
shed in the cit Of New Orleans repeating The If
Each every stakeholder shall be entitled either in
She or they may respectively hold provided that no
tons shall be entitled 70 greater number hy
to share transferred him them within
ninety days prior to such election
ARTICLE FIFTH.
No person shall capable bsing said
pany he time Of his election during his
merca which he may pa shares of the
stock Of said Company ana Be the holder Of policy Of in
his benefit for the Ct least five thousand dollars
ARTICLE SIXTH.
The Board Of Directors shall the of the compen-
sO9 Of all % ann and s sPS q Of
time time hereafter provided tori they shall make and
npss u rs nd
alter and change the at plessure provided the
tent and meaning Of this act rbsy shall have full power 70
and perform ~ as.s and things not herein provides for
and purposes Of the Company and they shall also have
or in the Presidency.
ARTICLE SEVENTH.
The Board Of Directors shall have power to invest from
time the and capital Of the Company in bonds
real este situated in this city which, every case shall
deemed worth at least double the amount loaned thereon
or stock created by laws Of
Of this State or Of TIL; city or Of corporations Of th
ties, bonds stocks They shall have power to dispose
Tor secnIity or Of proSey conveyed 70 them in ,sa ton
debts previously contracted purchased public sale
Of any property movable or mmovsb which may have beer
the said Company for concerning the
80 construed as 20 authorize Company to engage
mercantile or agricultural business nor IN commission
any kind; provided also that the Company shall have tn
tablshing their Office therein.
ARTICLE EIGHTH.
No stock shall be transferred unless such transfer be
the books Of the Company at their place Of business
the city Of New Orleans shall Will
any Indebtedness Company the part
stcckhsder stOckhoder wishing transfer stock
party purchasing provided always that the obligations pro
posed % be substituted sh be- in every respect satisfaction
shall time have the right % require additional bond
curl y on the deferred payment insufficient
The stockholders shsl not ne responsible for losses
capital stock held and owned by him or them respectively
ARTICLE NINTH.
In the month of April Of each year the President and D
Of the Company shall make er eanse TO be made b.
and sse Of the Company and also ststement Of al cas
paid into the Company for account OF premiums tor th
shall be verified BY sdayt and dled with paper
Of the Company for and inform son Of ali Pss
the p Of Company exceed
y and Ssa 'sn ms Ss. no o. ss ia
holders and shall not award any return the nsu
gsny reseye snd 70 meet future losses Q. liabilities
per m capital then the President aud Directors shall
cent nor more than 6nensf Of such excess as they ma
proper be kept by the Company reserved fund
and divided between the several stockholders and insurers
according Of stock held by each stOckholde
and the amount Of premiums psid BY each insurer and hal
order the cenage 70 be paid the
premiums and the dividends awarded Stock
holders shall be entered credit their stock respectively
I until fully paid .,-,o,n
ANY voiscy OF insurance issued BY this Company for th
use benefit or advantage he wife WIDOW children father
mother or Of any individual shall not be held made so
any engagements OF the person who's
life Is or NAV be insured and all such insurance In IN
Of Of the whose life s or may De
insured paid the persons bench sJ IN
teresed therein be held by him her or them free sn
discharged and from all existing debts contracts an
whatsoever Of the person deceased except mos
Of the Company.
| ARTICLE ELEVENTH.
At the time Of the dissolution Of the Charter u this Con
pany sooner ordered by vote OF the Stoekhoders
hereinafter provided for the affairs Of sad Com shall
quated is debts paid under the charge and supernter
dence three Commissioners be appointed by the Boar
Directors shall remain in once until the mn
Liquidation Of the Affairs OF the Company.
ARTICLE TWELFTH.
This act 81 Incorporation may be modified altered
ing Of the convened for that purpose s
thny days the English and French languages
aforesaid herein provided for and with the assent
threeourhs Of the stock represented at such meetng 40
any and all such notifications. alterations amendments
dsoluton sha recorded and published according 10 s'
ARTICLE THIRTEENTH.