New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-01-13
CORPORATIONS.

been first approved by a coppetsnt, a. a.
the Board Of " directors They shall also have
~sy Of 5s se esRsso or Of for
cIrrty, or of property conveyed to the company IN
satisfaction Of debts previously contracted or puf
seizure obtained by the company, or Of any pro
perty,, movable imm0vabie, whlc1 may nave
tho operations of ito business But nothing herein
contained shall be construed as to authorize inc
company to discount commercial paper or Pes-
sOna securities, or to do any other banking opera
tons or either directly or indirectly to deal or
trade in buying or selling movable or lmmovaole
property, goods or merchandise, with the e1cep-
ton OF allowing the company to purchase properly
sufficient for an Office and convenenccs tae1eto.
ARTICLE NJ.
Yearly dividends shall be made of 80 much OF the
profits OF the company as siia! he deemed adVlsa-
Bile by the Board Of Directors. And in case OF any
loss or losses. whereby the capital stock OF said
company shall be lessenad no subsequent dividend
shall be made until such dinu,utions shall have
been covered and made up by the profits.
ARTICLE XII.
OF the yearly lliv idends to be declared afore-
said the amount ts be paid to the stockholders shall
not exceed ten Coy per cent the amount paid Ia,
and the balance shall y. paid to the credit of
when it shall be the duty OF the President and
Beard OF Directors to issue certificates to the stock
holders for full paid shares.
ARTICLE" XIII.
After the Whole capital stock snail have
been paid in. the ioard of Directors shall nave the
right to deduct from each yearly dividends AID
lay by such part of the said dividends they may
deem proper until surplus fund OF not more than
two hundred thousand dollars 500, 00C) shall have
beeI formed and realized
ARTICLE XIV.
It shall !e the duty of the Presden: and the
Board OF Directors OF the company, within one
month from the close or expiration OF each year to
furnish to each stakeholder full statement OF the
business OF the company. which statement shall
contain:
l. The an,oun: Of premiums received during
the previous year.
3 The amount OF losses incurred d1sn. tle
B. The amount of capital. stating the portion of
the same invested III securities, AID the nature OF
ARTICLE XIV.
Any stakeholder WHO shall fail or e.,ec. 20 pay
any instIlInent when ordered by the Board OF d.
rectors. provided for il article four Of this act
shall forfeit to the company all previous PAYMENTS
ANA cease to be a stockhslder in the company.
ARTICLE XVI.
No stock OF the company shall be transferred
unless such transfer De made on the books OF the
company. Should any stockholder desire to trans
having been made. he shall be permitted 10 do 50,
by substituting the obligations OF the party pur-
chasing, provided the substituted obligations a.e
satisfactory to the Board of Directors.
ARTICLE XVII.
This &c: OF corporation may oe modified altered
anne ied. or the company dissolved At the geA-
erai meeting OF the Stockholders, to Ne convened
for that purpose after thirty days notice in the
English. German and French languages provided
it be done with the consent of tlree-Iourts Of the
stock represented at such meeting: but three
fourths OF the whole stock of the company shall
be represented at the meeting: and all ,lcI, mod.
III cations. alterations amendments, dis solution
shall he recorded and published.
ARTICLE XVIII.
The names and respective interests OF :ae parties
70 this art are rs below stated.
This done and passed in my office, in said city, in
the presence of Nessrs Charles r Barry and tue-be
Bouny. competent witnesses who signed this act
with said aplearers and me. notary.
Originally signed: