New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-05-14


be paid for at the time and in the manner herein
after provided for in article four of this charter
.. The association may commence business as
soon three hundred thousand dollars shall have
been subscribed, but each fiscal year shall end on
Dect mber 81, the first fiscal Year to end on the
thirty first of December, 1850.
3. 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 the part of the holder;
provided said transfers have been approved by the
Board of Directors y.s..ts, ..
ARTICLE ".
l. All persons who have subscribed or may 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, 1911.
shall be reduced by credit thereon of the net
profits made by the association in the first and
NUNS that skai have been paid during that time
by each stakeholder. +.i'
O. At the maturity of said notes. if the net profits
OF the association for the rstRnd second year have
not extingushed the said notes. the stockholders
shall pay the balance due thereon.
4. 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 or benefits
thereunto belonging; provided that the Board OF
Directors may extend said pay ments for such time
as they deem proper; provided also the stock
forfeited may be transferred with the consent OF
= S. No stakeholder shall, in any event be made
liable for the losses of the association i'll any larger
than the amount of his her or their subscTip
tion to the capital stock and his, her their in
debtedness to the association.
ARTICLE "
/. 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
tions, and when the association shall not have
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 special committee appointed for that
purpose by the Board of Directors, upon the
commentator OF two OF more of the stockholders,
risks 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 shah
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
tinguishng 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
intel ested.
Q. The annual statement to be made in January
1871 and 1877, as above provided for, shall be made
up to December 81 preceding, inclusive, in the fol
lowing manner, to wit 1. Showing the amount of
premiums received on fire, river and marine risks,
each, deducting therefroH the amount of same
not terminated 2. Showing the amount of losses
paid fire river and marine risks, EACH and rein
suranee, return premiums 3. Showing the inter
est Oh the portion OF the capital invested.
49,. ARTICLE VII. t-r.,..
l. From and after the beginning Of the third
year, the stockholders shall pay no premiums
the assurances effected by them.
2 But in the year lsT2, and in each and every
year following, within the months OF April July,
October and January, the President shall cause to
he mar a g uf and pN Of
the association to which shall be added two and a
half per cent profits paid to the stockholders on
shah have been paid, and the amount thus formed
shah be paid pro rata by the, parties insnring on
the T Th premiums o. nne sums sh INSURED req
of April, July, October and January, as above pro-
vided for, shall be made 10 the thirty first of
March, thirtieth of June, thirtieth of September
and thirty first 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
a.. ARTICLE VIII .-. =,
/. All the powers of the association shall be ex-
persons, five of whom shall form quorum for
the transaction of business.
2. The first election of directors of the associa-
ton shall be leld on the fourth Monday of Decem-
Der, 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 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 eee-
tons and il 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 year
therefor until others elected in their stead.
4 Those persons receiving. q, plurality of votes
no election taking place on the day aforesaid, the
president shall cause another election to take
place within ten days thereafter and give notice
of the same by advertisement in more of
the public newspapers published in this city.
S. The Board Of Directors shall annually, at their
first meeting elect president who SHALL his
election, be ex.officio member of the Board of Di-
rectors, and who shall hold his Office until his sue
cessOr is elected and qualified The President
shall 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 association generally under the supervision of
the Board of Directors.
6. In the absence of the president, the Board of
Directors 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 an,
point all the other officers and clerks OF the asso-
citation.
7. The Board of Directors shall fix, the compep-
saton of all officers and clerks employed or elected
by said association.
8. 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.
g. Each and every stockholder shall be entitled
at elections, either in person or by proxy 10 one
vote on each and every share of the capital stock
which he, she or they may respectively hOld, but
not te vote on 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 Directors to
invest the capital stock and other moneys of the
association in bonds and mort cages real estate
in the parishes of Orleans and Jefferson. They may
also invest the capital stock and other cash funds
of the association in any bonds stocks created by
or under the laws of the United States OF this
state or of corporations of this State or loan it's
funds on pledge of any of the aforesaid securities
bonds or stocks
q II shall be lawful for the Board of Directors to
purchase any property which may be ged to
the association at any forced sale of the same.
ARTICLE X
The following named persons shall constitute the
first Board of Directors, to hold their Office I'll
the first Monday in January 1871, until their
successors are elected or qualified. They are herr
by vested 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 acts and things not herein provided for