New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-05-16

cHandlst sptCle, EuI1lOns, DlT1s OF tNCnaIlgt,
MISSIONS, profits, bank notes and other evidence o.
debt, bottomry and respondents interests, and tt
make all and every insurance appertaining to ol
connected with marine or inland transportation
risks
3. To cause themselves to be reimbursed against
any risk upon which they have made or shall make
insurance.
l. The capital stock of this association is hereby
fixed at five hundred thousand dollars with the
privilege of increasing ii to million of dollars
divided into shares Of one hundred dollars each Ia
be paid Tor at the time and i'll the manner herein
after provided for in article four of this charter.
2. The association may commence business as
soon as three hundred thousand dollars shall have
been subscribed, but each fiscal year shall end on
Dece mber 81, the first fiscal ear to end the
thirty-tirst of December 1870.
3. Transfers of stocks shall be made on the books
of the association at its office, i'll the city of New
Orleans only, but not while any indebtedness to
the association exists on the part of the holder
provided said transfers have been approved by the
Board of Directors.
ARTICLE ".
l. All persons who have subscribed or may here.
after subscribe to the capital stock of this assOea-
ton, shall furnish their note for the amount OIL
their shares payable Oh the thirty first of Deem
Der, 1871.
O. The notes furnished, as above provided for
shall be reduced by credit thereon OF the net
profits made by the association ill the first and
second year. pro rata to the amount of earned pre-
mums that shall have been paid during that time
by each stakeholder.
g. At the maturity of said notes if the net profits
OF the association for the first and second year have
not extingushed the said notes. the stockholders
shall pay the balance due thereon.
4. The non-payment of the balance due on the
said notes above provided for shall forfeit the
entire stock to the association, together with all
accumulation thereon and all interest or benefits
thereunto belonging; provided that the Board OF
Directors may extend said payments for such time
as they deem proper; provided also the stock so
forfeited may be transferred with the consent OF
the board of directors.
5. No stakeholder shall, in any event, be made
liable for the losses of the association i'll any larger
than the amount of his, her their subscrip-
ton to the capital stock, and his, her their in
debtedness to the association.
ARTICLE "
/. All premiums shall be due and payable cash at
the end OF each month.
2. Any losses or balance due on losses sustained
by the association at the beginning OF its opera
tons, and when the association shall not have
sufficient funds to cover the same, shall be paid
pro rata by the stockholders
g. All parties wishing to insure with the assoea-
ton shall subscribe to the capital stock thereof
and become stakeholder of the association pro-
vided, however, that by and with the advice and
consent of a special committee appointed for that
purpose by the Board of Directors or upon the re-
cOmmendation of two or more of the stockholders,
risks may be taken from others than the stOckhod-
ers, and such parties nsuIing will become entitled
to SUI h rebate may be established from time to
time by the Board OF Directors.
ARTICLE VI
!. Within the month of January 1871 and 1872
the president shall cause to be made statement
OF the net profits of the association, and shall
cause the same to be published in at least two OF
the city papers fer one month, together with a
statement of the assets of the association, dis
tinguishing the portion of same which is cash and
the portion thereof invested i'll securities and the
nature thereof. This publication shall be made
under oath of the president and secretary, and
shall be conclusive and binding upon all persons
interested.
p The annual statement, to be made in January,
1871 and 1872 as above provided for shall be made
a December 81 preceding inclusive, in the fol
lowing manner, to wit: |. Showing the amount OF
premiums received on fire, river and marine risks
each, deducting therefrom the amount of same
not terminated. 2. Showing the amount of losses
paid on fire, river and marine risks, each, and rein
suranCe, return premiums. 3. Showing the inter
est on the portion of the capital invested.
ARTICLE VII.
l. From and after the beginning of the third
year the stockholders shall pay premiums on
the assurances effected by them.
3 But in the year 1872 and in each and every
year following, within the months of April, July,
october aud January, the President shall cause to
be made a statement of the losses and expenses OF
the association, to which shall be added two and a
half per cent profits paid to the stockholders, on
their stock paid i'll full such part the reOf that
shall have been paid, and the amount thus formed
shall be paid pro rata by the parties insuring on
the earned premiums of the sums insured.
g. The statement TO be made within the months
of April, July, October and January, above pro
vided for, shall be made to the thirty-irst of
March, thirtieth of June thirtieth of September
and thirty-tirst of December preceding, inclusive
and shall be published as above provided for in
section of Article six for the annual statements
to be made i'll January, 1871 and 1872.
ARTICLE VIII.
/. All the powers of the association shall be ex.
ercsed by Board of Directors to consist of twelve
persons, five of whom shall form quorum tuI
the transaction of business.
2 The first election of directors of the assoca-
tion S. all be ED on the fourth Monday of Decem-
Der, 1870, and thereafter on the said day in each
year. at such place in the city of New Orleans rs
the Board of Directors shall designate, of which
the president shall cause at least fifteen days pre-
viOus notice to be given III two OF the public
newspapers printed in said city The Board of Di-
rectors shall appoint three of the stockholders OF
the association inspectors to preside at such elec
tiOns; and il any of the said inspectors decline or
fail to attend, the president may appoint others
to fill such vacancies.
3. The Board of Directors thus elected are TO
take their seats on the first Monday in January
after the election, and to hold the same one year
theretrom until others are elected in their stead.
4. Those persons receiving plurality of votes
shall be considered duly elected. In the event OF
no election taking place on the day aforesaid, the
president shall cause another election to take
place within ten DAYS thereafter and give notice
of the same by advertisement IN one or more oil
the public newspapers published IN thus city
5. The Board of Directors shall annually, at their
first meeting, elect president who SHALL on his
election, be exoflicio member of the Board of Di-
rectors and who shall hold his office until his
cessor is elected and qualified The President
shall preside at all meetings of the Board OF Dl
rectOTs and at the meetings OF the stockholders OF
the association generally under the supervision OF
the Board of Directors
6. In the absence of the president, the Board OF
Directors shall elect one of their members to
act in the place and stead of said president during
his absence. The Board of Directors shall also ap
point all the other officers and clerks of the assO
citation.
I. The Board of Directors shall fix the compen
saton of all officers and clerks employed elected
by said association.
They shall invest the profits of the association
as hereinafter provided for. They shall have
power to adopt such bylaws as they may deem
necessary and convenient for the government and
regulation of the association not contrary to the
charter or the acts of the Legislature of this State
providing for the organization and regulations o.
corporations
g. Each and every stakeholder shall be entitled
at elections, either in person or by proxy, to ont
vote on each and every share of the capital stOcl
which he, she or they may respectively hold, bu
not to vote any stock to him, her or them trans
ferred within three months Prior TO said election
ARTICLE TX
l. It shall be lawful for the Board of Directors {,
in vest the CAPITAL stock and other MONEYS of TIN
in the parishes of Orleans and jefferson. They ma
also invest the capital stock and other cash fund
of the association i'll any bonds stocks created b.
or under the laws of the United States. of thi
funds on pledge of any OF the aforesaid securities
bonds or stocks.
2. 1t shall be lawful for the Board of Directors
purchase any property which may be mortgaged I
the association at any forced sale of the same
ARTICLE X.
The following named persons shall constitute tn
first Board of Directors, to hold their Office nut
the first Monday in January, 1871, or until the
successors are elected or qualified They are her,
by vested with all the rights and powers thereunt
belonging, with power to fill any vacancies whic
may occur IN their number, and generally TO do an