New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-07-29
CORPORATIONS,
the company, and in what those earnings and ex-
penSes consist.
ARTICLE XI.


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. z Out of the net profits of the company, an
interest of ten per cent on the paid in stock shall
hrst ne 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 OF the said balance to be divided among the
is, however, provided that dividend of less than
five dollars shall be declared, nor shall any divi
dend declared contain any fractional part of the
said unit Of five dollars and that all such fIac
tlonal sums shall be carried to the credit of con-
tngent accounts. The interest of ten per cent on
paid in espal shall be PAYABLE in cash but the he
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
| said time.
SEC; g. When the notes of the stockholders shall
have been fully paid there shall be issued to each
| stockholder certificate of stock for the amount
| OF his or her subscription
No dividend shall be paid to any stakeholder
| while there exists in favor of the company any
matured indebtedness of any kind against hun,
| but the same shall be passed to the credit of
| SEC. t. No dividend declared shall bear interest
and any dividend unclaimed for three years shall
be forfeited TO the company, and passed TO the
credit of profit and loss account, after the pubca
ton of the same week for four weeks
whenever dividend I9 called Tor after Otlng au-
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 or dssOlu-
tiOns shall be recorded and published according
to law.
ARTICLE Kill
At the expiration of this charter, sooner if
ordered by a vote of stockholders representing
twOthirds of the capital stock, the affairs of this
company shall be Inundated, its debts paid and
the balance divided among the stockholders pro
rata on 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
scribers to this act 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 i'll 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 With said parties and me, said notary,
after due reading of the whole.