New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-07-14
CORPORATIONS,
the company, and in what those earnings and ex;
ARTICLE XII

UtuSe0 Consist
ARTICLE XII.
.-SECrIoN l. The company shall make to the as
sured such return premiums Ill 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 the paid in stock shall
first he taken, the balance then remaining shall De
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 Of the said balance to be divided among the
stockholders pro rata Of their paid in CAPT al 1t
is however, provided that no dividend of less than
five dollars shall be declared, nor shall any divl'
dend declared contain any fractional part OF the
said unit of five dollars and that all such frac.
tional shall be carried to the credit of con-
paid in capital shall be payable in cash, but the
amount of the two dividends declared shall be
placed to the credit of the stock notes until the
notes not extinguished by dividends within five
years shall be paid in cash after the expiration of
said time .
see 3 When the notes of the stockholders shs
have been fully paid there shall be issued to each
stakeholder certificate OF stock for the amount
of his or her subscription.
No dividend shall be paid to any stockhoder
while there exists i'll favor of the company any
matured indebtedness of any kind agaiast MN,
but the same shall be passed to the credit Of
such Indebtedness.
SEC T. No dividend declared shall bear interest.
and any dividend unclaimed for three years SHAH
be forfeited to the company, and passed to the
credit of profit and loss account after the pubhca-
ton of the same once a week for four weeks.
Whenever dividend is called for after being ad-
vertised, 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 la@. -ra
ARTICLE XIII.
At the expiration of this charter, sooner if
ordered by a vote of stockholders representing
two-thirls of the capital stock the affairs of this
company shall be liquidated, 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 dcne and passed i'll my Office. at New Or
leans aforesaid, the day, month and wear first
above written, i'll the presence of Messrs Lawrence
Mccormack and Harris Murphy, competent wit
nesseS residing in this city, who heretintO sign
their names With said parties and me- said notary,
after due reading OF the whole