New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-05-21
CORPORATIONS,

| be held liable for any losses or damage which may
| be incurred by this company in any sum greater
than the amount of their subscription ana lhueob-
| edness -,
No transfer OF less than full share will be per-
mtted
Transferees of shares not fully paid up, shall as
sumo all the indebtedness thereon, under the ap'
proyal of the trustees.
ARTICLE X
All the corporate powers of this company shall
be vested in Board of Trustees composed OF
twenty-five stockholders, seven OF whom shall
form quorum for the transaction of business, 10
be elected by ballot annually on the fourth tues
day in july at the Office of the company, of which
election the secretary shall give at least ten days
notice in at least two newspapers published in
this city. The Board of Trustees shall appoint
from among the Stockholders not trustees, three
inspectors of said elections and if any of said in
spectors should decline fail TO attend the presi
dent may appoint others to fill the vacancy.
The new Board of Trustees viii take their seats
on the first Tuesday in August after the election
and remain in office during the year following I'M
til Others are elected in their stead.
Those persons receiving a plurality of votes
shall be declared duly elected. should there be no
election on the day appointed the president shall
cause another election to be held within ten days
thertatter upon due notice in two more news
papers published in this city.
The Board of Trustees shall, annually. at their
first meeting, elect president and vice president,
who shall be eN ottci0 members of the Board of
Trustees and they shall hold their offices until
their successors elected and qualified. The
president shall preside at all meetings of the Board
of Trustees and at all meetings Of the stockholders
the company generally under the supervision OF
the Board of Trustees.
The vice president shall pre- side at the meetings
aforesaid in the absence of the president, and, in
his absence shall sign the policies of insurance of
the company.
The trustees shall fix the compensation of all
officers and clerks employed elected by them.
They shall have power to adopt such bylaws
they may deem necessary for the government and
regulation of the company, not contrary to this
charter to the acts of the Legislature of this
state relating to the organization of corporations,
and to appoint agents within and out of the State,
under restrictions to be prescribed by the trustees
No person shall be trustee of this company who
does not, a. the time OF his election and cOntlnu-
arce i'll Office, own in his own name, o in the name
OF the commercial firm of which he may be mem
Der, at least ten shares of the capital stock
thereof.
Each and every stakeholder shall be entitled at
elections, either i'll person BY proxy, to vote
on each and every share of the capital stock held
by them respectively, but no stock shall be ca
titled to vote which shall have been transferred
within three months previous to said election.
ARTICLE XI.
At the time ofthe expiration of this charter OF
sooner if ordered by a vote of two-thirds of the
hquidated, its debts paid under the charge and
perintendence of three commissioners to be chosen
by the Board of Trustees, who shall remain in
Office until the final liquidation of the affairs of the
company; provided the entire lie udatiOn shall not
extend beyond period of two years, after which
time the trustees may, at their option, continue
the commissioners in office or appoint Others in
their place or stead.
ARTICLE XII.
The following named persons shall constitute the
first Board of Trustees who shall remain in office
until the second Tuesday of July 1872, or until
their successors elected and qualified; and
they are hereby invested with all the rights and
powers thereunto belonging, with power to fill any
vacancies which may occur in their number, and
generally to do and perform all and every act not
herein provided for, which may be necessary to
carry into full effect the objects and purposes Of
this COrDOratiOn: