New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-07-27
CORPORATIONS.
1850
consist %


the company, and in what those earnings and ex',
penses consist
= - ARTICLE XII ass
SECTION l. The company shall make to the as
sured such return premiums in cash as the presi-
dent and Board of Directors may deem expedient.
SEC z Out of the net profits of the company, an
interest," OF ten per cent on the paid in stock shall
divided among the STOCKHOLDERS as follows:
Three-fourths of the same to be divided among
them pro rata of the amount of earned premiums
PAID oy each OF them within the year and one
fourth OF the said balance to be divided among the
stockholders pro rata of their paid in CAPT a. 1t
IS however, provided that no dividend of less than
nve doiars shall be declared, nor shall any divi.
dend declared contain any fractional part of the
said unit OF five dollars, and that all such frac-
tlOna sums shall be carried to the credit of
tngent accounts The interest of ten per cent on
PAID III capital shall be payable in cash, but the
amount OF the two dividends declared shall be
placed to the credit of the stock notes until the
latter are paid up. The balance due stock
notes not extinguished by dividends within five
said time.
SEC: 3. When the notes of the stockholders shall
have been fully paid there shall be issued TO each
stakeholder certificate of stock for the amount
OF his or her subscription.
No dividend shall be paid to any stakeholder
while there exists in favor of the cOmpapy any
matured Indebtedness of any kind against HIM
put the same shall be passed to the credit OF
such Indebtedness
SIC. 4. No dividend declared shall bear interest.
ana any dividend unclaimed for three years shall
be forfeited to the company, ana passed to the
circuit VI pIout ana account, AFTER the puOIlca
ton OF the same once week for four weeks.
whenever a dividend is called for after being adj
vertsed the party entitled to it shall pay cost of
advertising.
ARTICLE XII
This act of incorporation may be modified
altered or amended, or the said company dissolved
AT a general meeting of the stockholders to be
convened Tor that purpose. after thirty notice
ana with the assent of threefOurths of the stock
represented at such meeting, and any and all such
m"dlneatlons, alterations, amendments dissOiu
tons shall be recorded and published according
to laTT.
ARTICLE XIII
At the expiration of this charter, or sooner if
9ruereu by vote OF stockholders repre- sentng
twothlrds of the capital stock, the affairs of this
company shall be liquidated its debts paid and
the balance divided among the stockholders, pro
rata on the amount held by each of paid up stock
under the charge and superinte ndeuce of three
commissioners appointed by the Board of Direc-
tors for that purpose.
ARTICLE XIV.
The names and respective interests of the sub
scribers to this act hereby declared to be as
follows, to wit:
United States internal revenue stamps. amount
ing TO twenty-five cents. are affixed hereto, duly
Cancelled at the execution hereof.
Thus done and passed in my office, at New Or
leans aforesaid, the day month and year first
above written in the presence OF Messrs. Lawrence
Mccormack and Harris Murphy, competent wit
nesses, residing in this city who hereunto sign
their names With said parties and me, said notary
after due reading of the whole.
ShDTa