New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-04-20

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The capital stock of this association is hereb,
fixed at five hundred thousand dollars, with tn
privilege of increasing it to million Of dollars
divided into shars Of one hundred dollars EACH I.
De paid for at the time and In the manner herein
2. The association may commence business q!
soon as three hundred thouasnd dollars shall hav,
been subscribed. but each fiscal year shall end OF
Decs mber 81, the first fiscal Year to end on tn,
thirty first Of December, .lS7O.
3. Transfers of stocks shall be made on the book
Orleans only, but not while any indebtedness II
the association exists ON the part Of the holder
provided said transfers have been approved by thu
ARTICLE w.
!. All persons who have subscribed, or may here
after subscribe to the capital stock Of this associa
ti0n shall furnish their note for the amount o.
their shares. payable ON the thirty first Of Decem
Der, 1871.
ehaN he reduced by credit thereon Of tho net
profit: made by the association in the first and
miums that SHAH have been pnid during that time
by each stakeholder.
g. At the maturity of said notes, IL the net profits
Of the association for the first and second wear have
not extinguished the said notes, the stockholders
shall pay the balance due thereon.
= The non-payment Of the balance due ON the
said notes. as above provided for. shall forfeit the
entire stock to the association together with oil
accumulation thereon and all interest or benefits
t t belonging provided that the Board Of
as they deem proper; provided also the stock 70
forfeited may be transferred with the consent Of
S. 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 subscrip
ton to the caIital stock, and his her or their in.
debtedness t. the association.
ARTICLE v.
!. AL premiums shall be due and payable cash at
the end OF each month.
.. Any losses or balance due on losses sustained
tons, and when the association shall not have
sufficient funds to cover the same, shall be paid
pro rata by the stockholders.
!. All parties wishing to insure with the associar
ti6n 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 q special committee appointed for that
purpose by the Board OF Directors, upon the re-
cOmmendation Of two or more Of the stock holders,
ers, and such parties insuring will become entitled
to su. IN rebate as may he established from time to
time BY the Board Of Directors.
ARTICLE W..
l. 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 q
statement Of the assets of the association, dis
tnguishiDg 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 ali persons
interested.
2. The annual statement, to be made in January,
1871 and 1872 above provided for, shall he made
up to December 81 preceding, inclusive, in the fol-
lowing manner, to wit: /. Showing the amount of
premiums received on fire, river and marine risks,
each, deducting therefrOm tire amount Of same
not terminated. 2. Showing the amount of losses
paid Oh fire, river and marine risks each and REIN
surance, return premiums. 3. Showing the inter.
est OH the portion Of the capital invested.
ARTICLE VII.
year, the stockholders shall pay NO premiums on
the insurances effected by them.
2. But in the year 1917, and in each and every
October and January, the President shalt cause 10
be made y 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 orop such part tn, reof that
shall have been paid, and the amount thus formed
shall be paid pro rata BY the parties insuring
the earned premiums of the sums insured.
;. The statement to be made within the months
OF April, July. October and January, above pro-
March thrte,h Of june. tSrtsth Of ssptem s or
and thirty first of December preceding, inclusive
and shall be published as above provided for in
section one of Article six for the annual tatemeuts
to be made in January. 1871 and 1872.
ARTICLE VIII
/. All the powers Of the association shall be ex-
ercised by Board OF Directors to consist Of twelve
persons five of whom shall form a quorum for
the transaction Of business
ton shall he ED 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 Orlean. as
the Board Of Directors shau designate of which
the president shall cause at least fifteen days pre-
vious notice to be given in two of the public
rectoIs shall appoint three of the stockholders Of
the association inspectors to preside at such cleo
tons; and if any Of the said inspectors decline or
fan Il to attend the president may appoint others
3. The Board Of Directors thus elected are to
take their seats on the first Monday in January
after the election and to hold the same one year
therefrom until Others are elected in their stead.
=. Those persons receiving a plurality Of votes
shall be considered duly elected. In the event Of
election taking place on the day aforesaid, the
president shall cause another election to take
place within ten days thereafter, and give notice
the public newspapers published in this city.
S. The Board Of Directors shall annually at their
first meeting. elect president who shall, on his
election, be ex.0fici0 member of the Board of Di.
fectOrs, and who shall hold his Office until his
cessor is elected and qualified. The President
shal. preside At all meeting. Ct the Board Of D
the association, and shall conduct the business of
the association generally under the supervision Of
g. In the absence of the president, the Board of
Directors SHAH elect one of their members to
act in the place and stead Of said president during
has absence. The Board Of Directors shall also APP
citation.
7. The Board of Directors shall fix the compen-
satlon 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 - they may deem
necessary and convenient for the government and
regulation Of the association, not contrary to the
charter or the acts Of the Legislature Of this State
providing for the organization and regulations Of
corporations.
9. Each and every stakeholder shall be entitled
1T elections, either in person 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 any stock to him, her them trans-
ferred within three months prior to said election.
l. It shall be lawful for the Board Of Directors tn
invest the capital stock aud other moneys Of thu
association in bonds and moltGaGes ON real eatafa
in the parishes Of Orleans and Jefferson They NAV
also invest the capital stock and other cssh fund.-
81 the association In any bonds Of stocks crcated 81
or under the laws Of the United 0tatee al thu
state Of corporations q this State Of leen ~
luhds ON pledge Of any Of the a1bresaid secufftiee
8 Il shaI - lawful Sur the Beard of Directar. -
purchase any property which nay 30 moFteaeed q
IL aepocietion at my 1brced aaAe of the aasne.
AKTICLR x
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