New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-07-02
CORPORATIONS.
the company aad in what those earnings and ex-
penses consist

the company, aad in what those earnings and ex
penses consist.
ARTICLE XII
SECrIoN |. The company shall make to the as
sufeu such return premiums in cash the pres
dent and Board of Directors may deem expedent
SEC. q Out of the net profits OF the company, an
interest OF ten per cent the paid in stock shall
Iisc re taken, the balance then remaining shall be
uyIdeu among the stockholders, as follows
Inree-1ourths of the sanSe to be divided among
them pro rata of the amount of earned premiums
PAID oy each or them within the year and one
fourth OF the said balance to be divided among the
stockholuers pro rata of their paid in CAPT al 1t
Is, however, provided that no dividend of less than
five dollars shall be declared nor shall any divi.
dend declared contain any fractional part of the
said unit OF nve dollars, and that all such frac-
tional sums shall be carried to the credit of con-
tingent accounts. The interest of ten per cent on
paid in 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 on stock
notes not extinguished by dividends within tive
years shall be paid in cash after the expiration of
said time Fa f#
SEc. ,. When the notes of the stockholders shall
have been fully paid there shall he 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 company any
matured Indebtedness OF any kind against hum,
but the same shall be passed to the credit OF
such Indebtedness. .t.s-t
and any dividend unclaimed for three years shall
be forfeited to the company and passed to the
credit of profit and Joss account after the puDllca
ton Of the same once week for four weeks.
Whenever dividend is called for after being ad
yertised, the party entitled to it shall pay cost of
advertising. f,.t
ARTICLE XII
This act of incorporation may be modified,
altered or amended, or the said company dissolved
at general meeting of the stockholders to be
convened for that purpose, after thirty notice
and with the assent of three fOurths of the stock
at such meeting, and any and all such
alterations amendments dissolu-
tons shall be recorded and published according
ARTICLE XIII.
At the expiration of this charter, OF sooner if
twOthirds of the capital stock the affairs OF this
company shall be hquidated, its debts paid and
the balance divided among the stockholders pro
rata on the amount held by each of paid mp stock
under the charge and superintendent of three
commissioners appointed by the Board of Direc
tors for that purpose.
ARTICLE XIV.
The names and respective interests of the sub
'cribers to this act are hereby declared to be as
OllOws, to wit:
United States internal revenue stamps, amount
ng To twenty-five cents, are affixed hereto, duly
cancelled at the execution hereof.
Thus done and passed in my office, at New Or
cans aforesaid, the day, month and year first
Ibove written, in the presence of Messrs. Lawrence
Mccormack and Harris Murphy, competent wit
lesses residing in this city, who hereunto sign
heir names With said parties and me, said notary,
Ifter due reading OF the whele