New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-05-24


any risk upon which they have made or shall make
| insurance.
ARTICLE III.
l. The capital stock of this association is hereby
fixed at five hundred Thousand dollars with the
privilege of increasing it to one million of dollars
divided into shares of one hundred dollars each to
be paid tor at the time and in the manner berein-
after provided for in article four of this charter
Z. 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 year to end on the
thirty first of December, 1870.
j. Transfers of stocks shall be made on the books
OF the ASSOCIATION at its office in 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 NAV here
after subscribe to the capital stock of this assoca
tiOR, shall furnish their note for the amount OF
their shares payable on the thirty first of Decem-
Der, 1871.
2. The notes furnished, as above provided for
shall be reduced by credit thereon of the net
profits made by the association in the first and
second year, pro rata to the amount of earned pre-
nmums that shall 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.
The non-payment of the balance due on the
said notes, as above provided for shall forfeit the
entire stock to the association together with all
accumulation thereon and all interest 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 any larger
sums than the amount of his, her their subscrip-
ton to the capital stock, and his her or their in
debtedness to the association.
ARTICLE v
l. All premiums shall be due and pavable cash at
month.
2. Any losses or balance due on losses sustained
by the association at the beginning of its opera
sufficient funds to cover the same shall be paid
pro rata by the stockholders.
). 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 a special committee appointed for that
purpose by the Board of Directors or upon the re-
commendatiOn of two more of the stockholders
risks may be taken from others than the stockhod,
ers, and such parties msuring 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 a 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 IRE, river and marine risks each and rein
surance, return premiums. g. 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 no premiums on
the assurances effected by them.
2 But in the year 1872, and in each and every
year following, within the months of April July
October and January, the President shalt cause to
be made 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 OF.
the earned premiums of the sums insured
3. The statement TO be made within the months
of April, July, October and January, above pro-
March, thirteth of June, thirtieth of September
and thirt y-trst of December preceding inclusive
and shall be published as above provided for in
section of Article six for the annual statements
TO be made IN January, 1871 and 1872.
ARTICLE VIII
ercised by Board of Directors to consist of twelve
persons, five of whom shall form a quorum for |
the transaction OF business.
2 The first election of directors of the associa-
ton stall be held on the fourth Monday of Decem-
ber 1870, and 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-
Elous notice to be given in two of the public |
newspapers printed in said city. The Board of Di-
rectors shall appoint three of the stoc khoders of
the association inspectors to preside at such cleo.
ons; and II any of the said inspectors decline or
all to attend, the president may appoint others
70 I'LL such vacancies
3. The Board of Directors thus elected are to
AXE their seats on the first Monday in January |
after the election and to hold the same one wear |
.heretrom until Others are elected in their stead.
l. Those persons receiving plurality of votes
shall be considered duly elected. In the event of
10 election taking place on the day aforesaid, the
president shall cause another election to take
place within ten days thereafter, and give notice
# the same by advertisement in one more of
he public newspapers published in this city.
5. The Board OF Directors shall annually, at their
lrst meeting, elect president who shall his
lection, be eX-otfcio member of the Board of Di-
ectors and who shall hold his office until his sue
fssor Is elected and qualified The President
hall preside at all meetings of the Board of Di-
ectors and at the meetings of the stockholders of
he association, and shall conduct the business of
he Board of Directors
g. In the absence of the president, the Board of
'Iectors shall elect one of their members to
ct IN the place and stead OF said president during
is absence. The Board of Directors shall also an
ONT all the other officers and clerks of the asso
latiOn.
l. The Board of Directors shall fix the compen.
alton OF all officers and clerks employed elected
v said association.
g. They shall invest the profits of the association
S hereinafter provided for. They shall have
over to adopt such bylaws as they may deem
ecessary and convenient for the government and
equation of the association, not contrary to the
harter the acts of the Legislature of this State
roviding for the organization and regulations of
operations.
9. Each and every stakeholder shall be entitled
elections, either in person or by proxy to one
9 l on eaGh and every share OF the capital stock
'hch he, she or they may respectively hold but
OF to vote on any stock to him her or them trans
Erred within three months prior to said election
ARTICLE TX
/. 1t shall be lawful for the Board of Directors tn
west the capital stock and other MONEYS of the
ssoCiatOn in bonds and mort cages on real estate
the parishes of Orleans and Jefferson. They may
So invest the capital stock and other cash funds |
the association in any bonds or stocks created nv
under the laws of the United States of This
tate, or OF corporations of this State or loan its
inds on pledge OF any of the aforesaid securities
Onds or stocks.
q 1t shall be lawful for the Board of Directors r.
urchase any property which may be mortgagrd tn
ne association at any forced sale of the same
ARTICLE X
The following named persons shall constitute the |
rst BOARD OF DIRECTORS to hold their office until |
10 hrst Monday in January, 1871 or until their |
lccesso5s are elected OF qualified. They are here
\ vested with all the rights and powers thereunto
eiohglhg, with power to fill any vacancies which |
ay occur IN their number, and generally to do and
erlorm all acts and things not herein provided for