New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-07-08
CORPORATIONS,
the company, and in what those earnings and ex
penses consist. ~

penses consist.
ARTICLE XII
SECTION l. The company shall make to the as
sured such return premiums in cash as the pres
dent and Board of Directors may deem expedient.
SEC q Out OF the net profits OF the company, an
interest of ten per cent on the paid in stock shall
first he taken the balance then remaining shall be
divided among the stockholders as follows:
., dmfe eel OF the same to be divided among
paid by each of them within the year, and one
fourth OF the said balance to be di vded 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, shall any divi'
dend declared contain any fractional part Of the
said unit OF five dollars and that all such frac-
tlonal sums shall be carried to the credit of con-
tingent accounts. The interest Of ten per cent on
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
said time
SEC B. When the notes of the stockholders shall
have been fully paid there shall be issued to each
stakeholder a certificate of stock for the amount
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 him,
but the same shall be passed to the credit of
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
credit of profit and loss account, after the publica
ton of the same once week for four weeks.
Whenever a dividend is called for after being adj
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 dissOu-
tons shall be recorded and published according
to laG. .rs
ARTICLE Kill
At the expiration of this charter, or sooner if
ordered by vote of stockholders representing
twO-thrds of the capital stock, the affairs OF this
company shall be iiquidated, 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 superintendence 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 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 wear first
above written, in the presence of Messrs. Lawrence
Mccormack and Harris Murphy, competent wit
nesses, residing in this city, who hereuntO sign
their With said parties and me, said notary,
after due reading OF the whole.