New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-05-12

tntuIS-ilN6 years IGDm Tic OtIe OF MS CDAfLeT
rnless it's affairs should be sooner liqnidated and
settled up by order of twO-thirds of the stock
holders.
3. The President, or in mis- absence the Secretary
shall be the proper officer upon " hom to serve eta,
tons IN all suits against the association
ARTICLE H..
The objects and purposes Of this association are
declared to be:
j. To make insurance on dwelling houses, stores
and other buildings, household furniture, Rer.
chand1se and other property against loss or dam
age by fire.
2. To make marine and river insurance upon yes
sels, frelghts, steamboats,, goods, wares, ner-
m uni@1ss s Ip"ste h unions u.s. DllIs 9d fmchange, com,
debt, bOttOnlry and respondents interests. and to
make all and every insurance appertaining to or
connected with marine or inland transportation
risks.
3. To cause themselves to be reimbursed against
any FISK upon which they have made or shall make
ARTICLE III.
]. 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 herein
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
thirty-tirst 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 to
the association exists on the part of the holder;
provided said transfers have been approved by the
Board of Directors.
ARTICLE ".
J.. Ali persons who have subscribed, or NAV here
after subscribe to the capital stock of this associa-
ton, 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 a credit thereon of the net
profits made by the association in the first and
second year, pro rata to the amount of earned pre-
nnums 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 wear have
not extinguished the said notes, the stockholders
shall pay the balance due thereon.
4. The non PAYNE of the balance due on the
SAID notes, as above provided for. shall forfeit the
entire stock TO the association, together with al
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.
;; No stgekholder m, in any event, be made
sums than the amountyf his, her or their sabscrip-
ton to the capital stock, and his, her or Their in.
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.
3. 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 or more of the stockholders,
rlsks may be taken from others than the stockhold,
ers, and such parties insuring will become entitled
to such rebate as 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
tIngulshlng 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, aud
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: |. 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 fire, river and marine risks, each, and rein
surance, return premiums. 3. Showing the inter
est on the portion OF the capital invested. \
ARTICLE VII.
1. Prom and after the beginning of the third
year, the stockholders shall pay no premiums on
the insurauces effected by them.
2 But in the year 1872, and in each and every
wear following. within the months of Anril Julv |
October and January, the President shall cause to
be made a statement of the losses and expenses OF
the association, to which shall be added two and a
halt per cent profits paid to the stockholders, on
their stock paid in fhil or on such part thu reof that |
shall have been paid, and the amount thus formed
the earned premiums of the sums insured.
s. inc statement TO be made within the months
OF April, July, October and January, as above pro- !
vided tor, shall be made to the thirty-frst of
March. thirtieth of June, thirtieth of September
and thirty-irst of December preceding inclusive. |
ana Snail De published as above urOViTpu for in |
section one of Article six, for the annual statements
TO be MADE IN January, 1871 and 1872.
ARTICLE VIII.
!. An the powers of the association shall be ex-
ercised by a Board of Directors to consist of twelve
persons, five OF whom shall form a quorum FIR
the transaction OF business.
2. The first election of directors of the associa-
ton shal be cid on the fourth Monday of Deem
Der, 1870, and thereafter on the said day ius each
year, at such place in the city of New Orleans AS
the Board of Directors shall designate, of which
the president shall cause atleast fifteen days pre-
Vlous notice 10 be given IN two OF the public
printed in said city. The Board of Di-
rectors shall appoint three of the stockholders of
the ASSOCIATION inspectors to preside at such elee-
tons; and II any of the said inspectors decline or
fail to attend, the president may appoint others
3. The Board of Directors thus elected are to
take their seats on the first Monday in January
there from until others are elected in their stead,
T. Those persons receiving a plurality of votes
shall be considered duly elected. In the event of
~ t"hIhr paw VII Nv uhS hlOItSdlu, inc
president shall cause another election to take
place within ten days thereafter, and give notice
of the same by advertisement in one or more of
the public newspapers published in this city.
5. The Board of Directors shall annually, at their
first meeting, elect II president who shall, on his
be eX.oticio member OF the Board of hi
rectors, and who shall hold his office until his sue
cessor is elected and qualified. The President
shall preside at all meetings CT the Board of D-
rectors and at the meetings of the stockholders Of
the association, and shall conduct the business of
the association generally under the supervision of
the Board of Directors.
q. In the absence of the president, the Board of
shall elect one of their members to
act in the place and stead of said president during
his absence. The Board of Directors shall also ap
point ali the other officers and clerks of the asso-
citation.
7: The Board of Directors shall fix the compen-
SAXON OF all officers and clerks employed or elected
by said association.
g. They shall invest the profits of the association
rs hereinafter provided for. They shall have
to adopt such bylaws as thew NAV deem
necessary aud convenient for the government and
of the association, not contrary to the
or the acts of the Legislature IF this State
providing for the organization and regulations of
corporations.
9. Each and every stakeholder shall be entitled
1t elections, either in person or by proxy, to one
vote on each and every share of the capital stock
Shlch ne, she or they may respectively hold, hut
lot to vote on any stock to him, her or Thea trans
erred WITHIN three months prior to said election.
ARTICLE *.
/. 1t shall be lawful for the Board of Directors 70
u vest the capital stock and other moneys of tba
in bonds and mortgages on real estate
the parishes of Orleans and Jefferson. They NAV
.lso invest the capital stock and other cash funds
the association III any bonds or stocks creatad ~
r under the laws of the United States. of this
tate, or of corporations of this State or Ioon NJ
unds on pledge OF any Of the aforesaid securities
'onds OF stocks.
2. 1t shall be lawful for the Board of Directors 70
any property which may be mortgaged to
he association at any forced sale of the same
ARTICLE \.