New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-05-20
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 and indeDt
edness.
mitted.
Transferees of shares not fully paid up, shall as
sumo all the Indebtedness thereon, under the APP
proyal OF the trustees.
ARTICLE X.
All the corporate powers of this company shall
be vested in a Board of Trustees composed OF
twenty-five stockholders, seven OF Whom snail y.
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 or fail to attend the pres1-
dent may appoint others to fill the vacancy
The new Board of Trustees will take their seats
on the first Tuesday in August after the election
and remain in office during the year following un-
til others are elected in their stead.
These 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
thereafter, upon due notice i'll two or more news
papers published i'll this city.
The Board of Trustees shall, annually, at their
first meeting, elect president and vice president,
who shall be ex Oficio members of the Board of
Trustees, and they shall hold their offices until
their successors are 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 preside 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 conversation of all
officers and clerks employed or elected by them.
They shall have power to adopt such bylaws as
they may deem necessary for the government and
regulation Of the company not contrary to this
charter or 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 a trustee of this company who
does not, a. the time of his election and continu-
in office, in his own name, or i'll the name
of the commercial firm of which he may be MEM
Der, at least ten shares of the capital stock
thereof.
elections either in person or by proxy TO vote
on each and every share of the capital stock held
titled to vote which shall have been transferred
within three months previous to said election.
ARTICLE M
At the time ofthe expiration of this charter or
sooner If ordered by vote of two-thirds of the
stockholders, the affairs of this company shall be
lquidated, its debts paid under the charge and SUI
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 liquidation shall not
extend beyond IL 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 qualitied 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 corporation: