New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-07-16
CORPORATIONS.
the company and in what those earnings and e.
penses consist.


the company, and in what those earnings and ex-
ARTICLE XII
SECTION /. The company shall make to the as
sured such return premiums in cash as the presi-
dent and Board of Directors may deem expedient.
SEC 2. Out of the net profits of the company, an
interest OF ten per cent on the paid in stock shall
first be taken, the balance then remaining shall be
divided among the stockholders, as follows:
Three-fourths of the same to be divided among
them pro rata of the amount of earned premiums
paid by each of them within the year, and one
fourth fthe said balance to be divided among the
stockholders pro rata of their paid in capital 1t
is, however, provided that dividend of less than
hye dollars shall be declared, shall any div-
dend declared contain any fractional part Of the
said unit Of five dollars and that all such frac.
tional sums shall be carried to the credit of con-
tingent accounts. The interest of ten per cent
p PAID IN capital shall be payable in cash but the
placed to the credit of the stock notes until the
latter are paid up. The balance due on stock
notes not extinguished by dividends within five
years shall be paid in cash after the expiration of
SEC. 3. When the notes of the stockholders shall
have been fully paid there shall be issued to each
stakeholder q certificate of stock for the amount
OF his OF her subscription
No dividend shall be paid to any stockholder
while there exists in favor of the company any
matured Indebtedness of any kind against HIM,
but the same shall be passed to the credit of
such Indebtedness.
SEC 4. No dividend declared shall bear interest
and any dividend unclaimed for three years shall
be forfeited to the company, and passed to the
tiOn of the same once a week for four weeks
Whenever a dividend is called for after being ad-
vertsed the party entitled to it shall pay cost of
advertising.
ARTICLE XII
This act of incorporation may be modified
altered or amended, or the said company dissolved
at general meeting of the stockholders to be
convened for that purpose after thirty days notice
and with the assent of three-fourths of the stock
represented at such meeting and any and all such
notifications alterations, amendments dissolu-
lions shall be recorded and published according
to law.
ARTICLE XIII.
At the expiration of this charter, OF sooner if
ordered by vote of stockholders representing
twothirds of the capital stock, the affairs of this
company shall be lquidated, its debts paid and
the balance divided among the stockholders, pro
rata the amount held by each of paid up stock
under the charge and superintendent of three
commissioners appointed by the Board of Direc-
tors for that purpose.
ARTICLE XIV.
The names and respective interests of the sub
scrbers to this act are hereby declared to be as
follows, to wit:
United States internal revenue stamps, amount
ing to twenty-five cents, are affixed hereto duly
cancelled at the execution hereof.
Thus done and passed in my Office at New Or
leans aforesaid, the day, month and year first
above written in the presence of Messrs. Lawrence
Mccormack and Harris Murphy, competent WIT
nesses residing in this city, who hereunto sign
their names " it'll said parties and me, said notary
after due reading of the whole.