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


soon as three hundred Thousand dollars shall have
been subscribed, but each fiscal year shall end on
December 81, the first fiscal year to end on the
thirty first of December, 1870
g. Transfers of stocks shall be made on the books
of the association at its office, in the city of New
Orleans only, but not while any Indebtedness to
the association exists on the part of the holder
provided said transfers have been approved by the
Board of Directors. fr..I.. ..t
ARTICLE ".
l. All persons who have subscribed or may here
after subscribe to the capital stock of this sssoca-
ton, shall furnish their note for the amount
their shares payable on the thirty first OF Decem
q The notes furnished, as above provided for
shall be reduced by credit thereon of the net
profits made by the association in the first and
second year, pro rata to the amount OF earned pre-
minms that shall have been paid during that time
by each stakeholder.
g. At the maturity of said notes If the net profits
of the association for the first and second year have
not extingushed the said notes. the stockholders
shall pay the balance due thereon.
4. The non payment of the balance due the
said notes as above provided for shall forfeit the
antire stock to the association, together with all
accumulation thereon and all interest or benefits
thereunto belonging; provided that the Board OF
Directors may extend said payments for such time
as they deem proper provided also the stock so
forfeited may be transferred with the consent OF
the board of directors.
5. No stakeholder shall, in any event, be made
liable for the losses of the association in any larger
sums than the amount of his, her or their sqbscrip
ton to the capital stock and his, her their in
debtedness to the association.
ARTICLE "
|. All premiums shall be due and payable cash at
the end of each month.
2. Any losses or balance due on losses sustained
by the association at the beginning of its opera
tions and when the association shall not have
sufficient funds to cover the same, shall be paid
pro rata by the stockholders.
g. All parties wishing to insure with the assOeia-
ton shall subscribe to the capital stock thereof
and become stakeholder of the association; pro-
vided however, that by and with the advice and
consent of special committee appointed for that
purpose by the Board of Directors or upon the re-
communication OF two or more of the stockholders,
risks may be taken from others than the stockhold
ers and such parties insurng will become entitled
to such rebate as may be established from time to
time by the Board OF Directors.
ARTICLE VI
|. Within the month of January, 1871 and 1872
the president shall cause to be made statement
of the net profits of the association, and shall
cause the same to be published in at least two of
the city papers for one month, together with
statement OF the assets of the association dis
tnguishing the portion of same 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
shall be conclusive and binding upon all persons
interested.
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 fol-
lowing manner, to wit: l. Showing the amount of
premiums received on fire, river and marine risks
each, deductins therefrom the amount of same
not terminated. 2. Showing the amount of losses
paid on fire river and marine risks each and rein
surance, return premiums. g. Showing the inter-
est on the portion OF the capital invested.
ARTICLE VII.
l. From and after the beginning of the third
year, the stockholders shall pay no premiums on
the assurances effected by them.
O. But in the year 1872, and in each and every
year following, within the months of April, July,
October and January, the President shall cause to
be made statement of the losses and expenses OF
the association, to which shall be added two and
half per cent profits paid to the stockholders, on
their stock paid in fun such part the reof that
shall have been paid, and the amount thus formed
shall be paid pro rata by the parties insurng
the earned premiums of the sums insured.
3. The statement to be made within the months
of april, July, October and January, above pro-
ylded for, shall be made TO the thirty-irst of
March thirtieth of June thrtieth of September
and thirty-irst of December preceding inclusiye
and shall be published as above provided for in
section one OF Article six for the annual statements
to be made i'll January, 1871 and 1872
ARTICLE VII.
l. All the powers of the association shall be ex-
ercsed by Board of Directors to consist of twelve
persons, five of whom shall form quorum for
the transaction of business.
,. The first election of directors of the associa-
ton shall be reid on the fourth Monday of Decem-
Der, 1870, and thereafter ON the said day in each
year at such place in the city of New Orleans as
the Board of Directors shall designate of which
the president shall cause at least fifteen days pre-
vlous notice to be given in two OF the public
newspapers printed in said city. The Board of Di.
reetors shall appoint three of the stock holders of
the association inspectors to preside at such cleo.
lions; and if any of the said inspectors decline or
iail to attend, the president may appoint others
to I'LL such vacancies
3. The Board of Directors thus electad orc 70
take their seats on the first Monday in January
after the election, and to hold the same one wear
there from until others are elected in their sfaa1
L. Ihose pei sons receiving plurality of votes
shall be considered duly elected In the event Of
no election taking place on the day aforesaid. the
president shall cause another election to take
place within ten days thereafter, and give notice
of the same by advertisement in one or more of
the public newspapers published in this city
S. The Board of Directors shall annuaIlv at their
hrst meeting, elect a president who shall on his
electlon De exohcio member of the Board of Di-
rectors, and who shall hold his Office until his sue
cessor Is elected and qualified. The President
shall preside at all meetings of the Board of Di-
fectors ana at the meetings of the stockholders of
the association, and shall conduct the business of
the Board of Directors.
6. In the absence of the nresidapt tbe BOARD of
directors shall elect one of their members to
aet IN The place and stead of said president during
ms absence The Board of Directors shall also ap-
point all the other officers and clerks of the
citation.
!: The Board of Directors shall fix the compen.
Saton OF all officers and clerks employed or elected
by said association,
g. They shall invest the profits of the association
as hereinafter provided for. They shall have
power to adopt such bylaws as they may deem
necessary aud convenient for the government and
regulation ~ the association not contrary to the
charter the acts OF the Legislature of this State
providing for the organization and regulations OF
g. Each and every stakeholder shall be entitled
at elections, either in person or by proxy to one
vote on each and every share of the capital stock
which he, she or they may respectively hold, but
not to vote on any stock r. him, her them trans
ferred within three months prior to said election.
ARTICLE TX.
l. 1t shall be lawful for the Board of Directors to
in vest the canstal stock aud other moneys of the
association in bonds and mortgages on real estate
in the parishes of Orleans and Jefferson. They NAV
also invest tAe capital stock and other cash funds
of the ASSOCIATION in any bonds stocks created by
or under the laws of the United States of this
State, or Of corporations of this State or loan its
funds on pledge OF any of the aforesaid securities
bonds or stocks.
q 1t shall be lawful for the Board of Directors to
purchase any property which NAV be mortgaped to
the association at any forced sale of the same
ARTICLE Y
The borrowing named persons shall constitute the
nrst Board OF Directors to hold their office until
the frst Monday in January, 1871, or until their
successors are elected qualified They are here
py vested with all the rights and powers thereunto
belonging, with power to fill any vacancies which
may occur In their number and generally to do and
perform all acts and things not herein provided for