New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-05-23

he held liable for any losses or damage which may
be incurred by this company in any sum greates
than the amount of their subscription and indebt-
edness
NJ transfer less than one full share will be per
mitted.
Transferees of shares not fully paid up, shall as
all the Indebtedness thereon, under the aP
prevail of the trustees
ARTICLE X
All the corporate powers of this company shall
he vested in a Board of Trustees composed OF
Twenty-Five stockholders seven of whom shall,
form quorum for the transaction OF business 10
be elected by ballot annually on the fourth tues
day in july at the Office of the company OF when
election the secretary shall give at least ten days
notice in at least two newspapers published m
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 presl
dent may appoint Others to I'LL 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 IN
til others are elected i'll their stead
Those 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 in two or more news
papers published in this city.
The Board of Trustees shall, annually. at their
first meeting, elect president and vice president,
who shall be ex Oticio members OF the Board OF
Trustees, and they shall hold their offices until
their successors elected and qualified. The
president shall preside at all meetings of the Board
of Trustees and at all meetings Of the stockholders
of the company, and shall conduct the business Of
the company generally under the supervision OF
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 compensation 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 TINS
State relating to the organization of corporations,
and to appoint agents within and out of the state
under restrictions to be prcribed by the trustees
No person shall be a trustee of this company who
does not, az the time of his election and conttnu-
ance in office, own in his name, in the name
of the commercial firm of which he may be mem
Der at least ten shares OF the capital stock
thereof.
elections, either i'll person or by proxy, to vote
each and every share of the capital stock held
by them respectively, but no stock shall be en-
titled to vote which shall have been transferred
within three months previous TO said election.
ARTICLE XI
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 su-
perntendence 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 period of two years. after which
time the trustees may, at their option, continue
the commissioners i'll office or appoint others IL
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 qualified; 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
rOrOOratlOu.