New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-05-25
CORPORATIONS.

be held liable for any losses or damage when may
be incurred by this company IN any sum greatyes
than the amount OF their subscription ana lhueo'
edness. -,
No transfer of less than full share will be per-
mitted.
Transferees of shares not fully paid up, shall as
sumo all the indebtedness thereon, under the APP
proval of the trustees.
ARTICLE X.
All the corporate powers of this company shall
be vested in Board of Trustees composed OF
twenty-five stockholders, seven OF whom snail
form a 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 which
election the secretary shall give at least ten days
notice in at least two newspaper published in
this city. The Board of Trustees snail 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 fill the vacancy.
The new Board of Trustees will take their seats
the first Tuesday in August after the election
and remain III office during the year following I'M
til others elected in thsir stead
Those persons receiving 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 eS oticiO 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 or
the company.
The trustees shall fix the CONDENSATION of all
officers and clerks employed 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 to the acts of the Legislature of this
State relating to the organization of corporations
anH tn an
under restrictions to be prescribed by the trustees
No person shall be a trustee of this company who
does not, az the time OF his election and continu-
anct in office, own III his own name, or IN the name
of the commercial firm Of which he may he a mem
her at least ten shares of the capital STOCK
thereof.
Each and every stakeholder shall be entitled at
elections, either in person or by proxy, to vote
on 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 a vote of two.thirds of the
stockholders, the affairs of this company shall be
liqudated, it's debts paid under the charge and
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 in Office appoint Others in
their place stead.
ARTICLE XII.
The following named persons shall constitute the
first Board of Trustees, who shall remain i'll 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
herein provided for, which may be necessary to
carry into full effect the objects and purposes OF