New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-05-02

I
SEES, freiShts steamboats,, goods, wares, Iner
chandise specie, kullions, bills of exchange, com
IN sslons, profits, bank notes and other evidence 0
dept, Dottomry and respondents interests. and t
make all and every insurance appertaining 10 O.
connected with marine inland transportation
risks.
3. To cause themselves TO be reimbursed againsr
any risk upon which they have made or shall make
Insurance.
ARTICLE III.
l. 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.
| e. The association may commence business as
soon as three hundred thousand dollars shall have
Deen SUBSCRIBED but each fiscal year shall end on
pecember 81, the first fiscal year TO end on the
| thirty-irst of December, 1870.
B. 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 70
the association exists on the part of the holder ;
provided said transfers have been approved ly III e
Board of Directors
ARTICLE ".
]. All persons who have subscribed or NAV here.
after subscribe to the capital stock Of this associa-
ton, shall furnish their note for the amount or
their shares, payable on the thirty first of Decem
2. The notes furnished, as above provided for
shall be reduced by credit thereon of tile net
profits made by the association in the first and
SECOND year pro rata to the amount OF earned pre-
mlums that shail have been paid during that time
by each stakeholder
B. 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.
I. The non payment of the balance due on the
said notes. as above provided for shall forfet the
entire stock to the association, together with all
accumulation thereon and all interest or benefits
IneEeullto belonging; provided that the Board OF
Directors may extend said payments for such time
as they deem proper; provided also the stock so
the board of directors.
:, 5. No stakeholder shall, in any event, he made
habe for the losses of the association any larger
sums thah the amount of his her Their subscTjp
tlon 10 the capital stock, and his her or their in.
deDtedness to the association,
ARTICLE V.
!. All premiums shall be due and PAYABLE cash at
the end of each month.
z ANY losses or balance due on losses sustained
by the association at the beginning of its onara-
tons, and when the association shall not have
sufficient funds to cover the same shall he maid
pro rata by the stockholders.
s. All parties wishing to insure with the assoeia-
ton shall subscribe to the capital stock thereof
and become stakeholder of tie 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 lnou the re-
COMMUNICATION OF two or more of the stockholders
risks may be taken from others than the stock
ers ana such parties insuling will become entitled
10 SUI II rebate as may be established from time 70
Tune by the Board OF Directors
ARTICLE VI.
!. 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 ryyo ~
the city papers for one month, together with a
statement OF the assets of the association dis
the portion of 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
f9
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 foi
owing manner, to wit: /. Showing the amount of
premiums received on fire, river and marine risks
'ach, deducting therefrom the amount Of SANE
rot terminated. 2. Showing the amonrt of losses
'ald on fire river and marine risks each and rein
nlance, return pre- miums 3. Showing the !nter-
st on the portion OF the capital invested.
ARTICLE VII
l. From and after the beginning of the third
ear, the stockholders shall raw no premiums on
he assurances effected by them
z but in the year 1872, and in each and every
ear IoHoWhg, within the months of April, july
october aud January, the President shall cause 10
e made statement of the losses and expenses OF
ne association, TO which shall be added two and a
heir stock paid in fun such part thereof that
hail have been paid, and the amount thus farned !
nan oe lild pro rata by the parties iIsurng on
g. The statement to be made within the months
Ab1i, July october and January, as above pro
lded ,10r, shall be made to the thirtv-first of |
iarcn. thlriieth of June, thirtieth of September
nd thirty-nrst of December preceding inclusive.
nj shall be published as above provided for -, |
ecton one of Article six for the annual sfate1re,4s
0 De mate III January, 1871 and 1872.
ARTICLE VIII.
l. All the powers of the association shall he ex
lclsed oy Board of Directors to consist OF twelve
ersons hve of whom shall form quorum fur
ne transaction of business.
z. The first election of directors of the assoc.o
OF snalI De held on the fourth Monday of Decem-
err 1871 and thereafter on the said dav in each
ear at SUCH place in the city of New Orleans as
ne Board OF Directors shall designate of WIFI
ne president shall cause at least fifteen DAVIS nr4
otrce 10 0e given IN two OF the public
,ctors shali appoint three of the stockholders of
lc ASSOCIATION inspectors to preside at such elec.
ons; ana II any OF the said inspectors decline mr.
d 10 attend, the president NAV appoint orbaUs
I'LL such vacancies fP''N' o'heTs
g. The Board of Directors thus elected ava -
Ike their seats on the first Monday in Ia",,o 70 8
ter the election, and to hold the same one - I
lergIrom until others are elected in their stead
& Ihose persons receiving a plurality NJ vot.s 7
ialI De considered duly elected. In the eyert oS
leiecton taxing place on the day aforesaid +ba
. snan cause another election to take
ace WITHIN ten days thereafter and give pn+ica
the same by advertisement in one mr. me- sc 4
e pnolG newspapers published in this civ VI
D. Inc Board OF Directors shall anrnaIlv q. .l.
81 meeting, eject president who shall on re
ectlon, be ex,offcio member of the Board ~ T1 r.
ssor Is e,e.ted sa hold ms office until his sue
az preside at all meetings of the Board of Is.
= ossoca+iop 'ne neetgs OF the stockholders of
e ASSOCIATION generally under the snna,i; y y II
e Board of Directors '0 supervision OF :,
raotosn - VI INC president the Board of | q,
lectVis eiaI eject one Of their memIars ~ "
III the place and stead of said nresid,'+ S ~ "
apsSuce. Inc Board Of Directors shall a1sn - II
ltion. anu eAeihs OF the asso- a.
The Boarts of Directors shall fix the cornan. ia
uon OF all officers and clerks en,,,ioa o.
said association yea oI eiecIed &
" inex saall invest the profits of the association
nerelHal5er provided for They shall haya
CESAR snS Poo such bylaws as they may deem N
CessaLS ana convenient for the soyernment and | :
sa!dtion OF the association not CONTRARY ~ ~
~ VI tne acts of the Legislature of th}s St.
'porations. N AeSui@'4ohs OF ~
Each and every stockholder shall In o.,...,.,
elections, either in person or nv, 49, 1-.t4tIeu
&c " eacn ana every share of the cauifal stoat |
Ign a ne she or they may respectively hold bTt |
70 Vote on any stock to him. her or Them tT1. =,
within 'hree months prior TO said election. N
ARTICLE X.
IL snail be lawful for the Board of Dirso+or. 4.
est tne capital stock and other monevs os 80 70
pcidloh III bonds and mortgages on real es+n4
the parishes OF Orleans and Jefferson riS eeetlte
invest the capital stock and other casi may al
ne association III any bonds or stocks gi
!nder the laws of the United States 80 10y 81
Ie or OF corporations of this STATE or - .H us
Ids or stocks. e0"iu securities, r,
II snail be lawful for the Board of r,;ro. d.
chase any property which NAV be mort ,a as 90 Fl
"Ssooi@'ion at any forced sale of the sane W Pi
ARTICLE K. +,
ne pn named persons shall cousttr+a .h az
f oI directors to hold their off;oa -
nrst Monday in January, 1871 or nntS uhEI st
Uosso,s aIe erected or qualified They az 49, VI
1919, a.e.eu WIN all the rights and powers tbar uie
.nsins, WIN power to fill any yacanc1as Y1hit IN
form all acts lumber, and generally to do and ~
" Oh ACTS and things not herein proyiSsd Snr IL