New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-04-26

s. 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
ARTICLE w.
after eubscrbe to the capital stock Of this assoc-
ton, shall furnish their note for the amount Of
their shares. payab;- thethirty first Of Decem.
2 The notes furnished, as above provided for
shall be reduced by y credit. thereon Of the net
second year, pro rata to the amount Of earned pre-
miums that shall have been paid during that time
BY each stockhOlder.
Of the for the first and second year have
not extinguished the eaid nOIes, the stockholders
'a Rsy 5ne oa;ance ds 1 n.nc. .
said notes. as above provided for shall forfeit the
entire stock to the association, together with all
accumulation thereon and all interest or benefits
the.eunto 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.
S. No stakeholder shall, in anysevent be made
Sums than the amount of his, her their subscrip-
ton to the capital stock, and his, her or their in.
dehtedness tO the association.
ARTICLE v.
!. Az premiums shall be due and payable cash at
the end Of each month.
kOo9t8 sustained
BY the association at the beginning Of ite opera
tions, and when the association shall not have
sufficient funds to cover the same. shall be paid
pro rata by the stockholders
3. All parties wishing to insure with the associa-
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-
cOmmendatiOn Of two or more Of the stockholders
risks may be taken from others than the 'stOckhod
ers, and such parties insuring will become entitled
to such rebate as may be Established from time to
time by the Board Of Directors.
ARTICLE VI.
l. Within the month Of January, 1871 and 1872.
Of the net profits of the association and shall
cause the same to he published in at least two of
the city papers for one month, together with
statement Of the assets Of the association, dis
tinguishing 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
1871 and 1872 as above provided for shall be made
uD to December 81 preceding, inclusive, in the fol-
lowing manner, to wit: I. Showing the amount Of
premiums received on fire, river and marine risks
each, deducting therefrOm the amount Of same
not terminated. .. Showing the amount Of losses
snrance, return p:emium.. Showing i the inter.
est Oh the portion q 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.
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
half per cent profits paid to the stockholders, on
their stock paid in full such part the reof that
shall have been paid, and the amount thus formed
the earned premiums of the sums insured
3. The statement to be made within the months
vided for, shall be made to the thrty.frst of
March. thirtieth of June, thirtcth Of September
and thirty -hrst Of December preceding, inclusive
and shall be published as above provided for IN
section one Of Article six the annual statements
to he made in January, 1871 and 1872.
ARTICLE WILL
l. AL the.powers of the association shah be ex.
ercsel by aboard of Directors to consist of twelve
persons, five of whom shall form . quorum for |
T. The first election Of directors of the associa-
ton shall be held the fourth Monday Of Decen.
yer. 1870, and thereafter on the said day in each
year at such place in the cit OF New Orleans as |
the Board of Directors shall designate, Of which |
the president shall cause at least fifteen days pre-
newspapers printed in said city The Board Of Di.
rectors shall appoint three Of the stockholders Of
the association inspectors to preside at such cleo.
fail to attend the president may appoint others |
to fill such vacancies.
,. el6CCe0
take their seats ON the first Monday in January I
after the election, and to hold the same one year
there from until others are elected in their stead
shall be considered duly elected. In the event Of
no election taking place on the day aforesaid the
place within ten days thereafter, and give notice
Of the same by advertisement in one OF more Of
the public newspapers published in this cisy.
first meeting, elect president who shall ON his |
election, be exofficio member Of the Board of Di.
rectors, and who shall hold his Office until his sue.
ressor is elected and qualified. The President !
shall preside at all meetings Of the Board of Di.
TectOrs and at the meetings Of the stockholders of
he association, and shall conduct the business Of
The association generally under the supervision of
he Board Of Directors.
s. In the absence Of the president, the Board of
lct in the place and stead of said presdent during
lis absence The Beard Of Directors shall also an.
Joint all the other officers and clerks Of the asso-
7: The Board of Directors shall fix the compen.
alton Of all officers and clerks employed OF elected
~ said association. !
g. They shall invest the profits of the association
.s ner en- provided for They shall have
e&nation Of the association, not contrary to the.
harter or the acts of the Legislature of this State
1ov1dinG for the organization and regulations OF
9. Each and every stockholder shall be entitled
= elections, either in person Or BY proxy to one
hcS he sbe sna thsy hold but
0t to vote any stock to him, her or them trans.
erred within thIee months PRIOR to said election.
ARTICLE TX
l. Il shall be lawful for the Board of Directors to
invest the CAPITAL stock and other moneys of the
association in bonds and mortgages ON real estate
! the parishes Of Orleans and Jefferson. They NAV
lso invest the capital stock and other cash funds
the association In any bonds Or stocks created by
r under the laws Of the United States, Of this
tate or Of corporations Of this State or loan ito
ands ON pledge Of any Of the AFORESAID securities
onds or StockA
9 e shaN IS lawful for the Beard Of pirectore 4.
uxchase any pgoPesty which nay h mortaaee1 e
- asoecia<ae0 Ct aAy forced aale of the naine ~
ARTICLE < 80. e.
~ An1Njze - $780, dlG1a ssnsti>uts -
u II -, = ~ 51I;1f 6i%SS 1SS5i E