New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-05-03


| connected with marine or inland transportation
! risks
| g. To cause themselves to be reimbursed agains
any risk upon which they have made or shall maxi
| insurance.
l. The capital stock of this association is hereby
| fixed at five hundred thousand dollars, with thu
| privilege of increasing it to one million of dollars
divided into shares of one hundred dollars each II
| be paid for at the time and in the manner herein
after provided for in article four of this charter
2. The association may commence business as
soon three hundred thousand dollars shall have
been subscribed but each fiscal year shall end OF
| December 81, the first fiscal year to end on the
| thirty first 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 Il
| the association exists on the part of the holder
provided said transfers have been approved by the
| Board of Directors.
ARTICLE ".
| l. Ali persons who have subscribed, or may here
after subscribe the capital stock of this assoca
| ton, shall furnish their note for the amount OF
their shares, payable on the thirty first of Deem
Der, 1871. ..-s.'.
?. The notes furnished as above provided for
shall be reduced by credit thereon of the net
second year, pro rata to the amount of earned pre-
mums that shah have been paid during that time
by each stakeholder.
3. AT the maturity of said notes. if the net profits
of the association for the first and second year have
not extnGuished the said notes, the stockholders
shall pay the balance due thereon.
4. The nen-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.
s. No stakeholder shall, in any event be made
liable for the losses of the association i'll larger
sums than the amount of his, her or their subscrip
ion to the capital stock, and his, her their ill.,
debtedness to the association.
ARTICLE V.
l. 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.
B. All parties wishing to insure with the assOeia-
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 special committee appointed for that
purpose by the Board of Directors, upon the re-
commentator OF two or more of the stockholders,
risks may be taken from others than the khold-
ers, and snch parties insuring will become entitled
to such rebate may be established from time to
time by the Board OF Directors.
ARTICLE VI.
l. 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 for 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 in 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.
2. The annual statement to be made in January
1871 and 1872 as above provided for, shall be made
up to December 81 preceding, inclusive, in the fol-
lowing manner to Wit l. 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 hre,rlver and marine risks, each, and rein
surance, return premiums 3. Showing the inter-
est on tue portion of the capital invested.
ARTICLE VII.
l. From and after the beginning of the third
year, the stockholders shall pay no premiums
the assurances effected by them.
But IN the year 1872 and in each and every
year following, within the months of April July,
October and January, the President shall cause 10
be made statement of the losses and expenses OF
the ASSOCIATION, to which shall be added two and a
hail per cent profits paid to the stockholders on
tnel STOCK PAID III null or 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 insured.
:" me statement TO be made within the months
OF April July, October and January as above pro-
vlded for, shall be made to the thirty-trst of
March, thlrtltth of June, thirtieth of September
and thirty-fir of December preceding inclusive
anG sa be published as above provided for in
to be made in January, 1871 and 1872.
ARTICLE VIII
|. All the powers of the association shall be ex.
erclsed by Board Of Directors to consist of twelve
persons, i've of whom shall form a quorum for
the transaction of business
2. The first election of directors of the associa-
ton shall be cid on the fourth Monday of Decem-
Der, 1870, aud thereafter on the said day in each
year, at such place in the city of New Orleans as
the Board of Directors shall designate of which
the president shall cause at least fifteen DAYS pre-.
vious notice to be given in 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 cleo.
tOns and if 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 wear
therefrom until others are elected in their stead
a. Those persons receiving a plurality of votes
shall be considered duly elected. In the event of
no election aklng place on the day aforesaid tile
president shall cause another election to take
place within ten days thereafter, and give notice
OF the same by advertisement in or more of
the public newspapers published in this city
5. The Board of Directors shall annually at their
first meeting, elect president who shall ON his
election, be exc fhco member of the Board of Di-
rectors and who shall hold his office until his sue
cessor is elected and qualified. The President
snail preside at all meetings of the Board of Di-
rectors and at the meetings of the stockholders of
the association and shall conduct the business of
the Board OF Directors
Q. In the absence of the president the Board of
directors shall elect one of their members to
act i'll the place and steaa of said president DURING
his absence. The Beard of Directors shall also an,
point all the other officers and clerks of the asso.
citation. ~
Z. The Board of Directors shall fix the common.
saton of all officers and clerks employed or elected
by said association.
Q. They shall invest the profits of the association
as hereinafter provided for. They shall have
power to adopt such bylaws as they NAV 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 of
corporations. "
8. Each and every stakeholder shall be entitled
at elections, either in person or by proxy IN one
vote on each and every share of the capital stocL
which he, she or they may respectively hold hut
not to vote any stock to him. her or Them trans
ferred within three months Prior to said election
ARTICLE TX
|. 1t shall be lawful for the Board of Direc+ors ..
invest the capital stock and other mouevs NJ r.
ASSOCIATION III bonds and mortga on real estate
IN the parishes OF Orleans and Jefferson They naH,
also invest the capital stock and other cash 6InGs
OF the association In any bonds or stocks created hI
OF uhdef the laws of the United States of ~
STATE or OF corporations of this State or loa, ;t
funds on pledge of any of the aforesaid s
bonds or stocks. 00SuAAties,
q. IL shsll be lawful for the Board of Directors 10
plrchase any property which may be mortoa~rd 10
'iie association at any forced sale of the same "
ARTICLE X
Inc following named persons shall constit,ta +ho
tI Oh directors, to hold their office mill
s.o illsI monday IN January, 1871 or until their
S-eoeeeoIs are elected or qualified. They are here
~ vested with all the rights and powers therennto
po,onSihg, with power to fill any vacancies which