New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-05-17

any rlsk upon which they have made or shall make
insurance.
l. The capital stock of this association is hereby
fixed at five hundred thousand dollars, with the
privilege of increasing it to one million of dollars,
divided into shares of one hundred dollars EACH to
be paid for at the time and in the manner herein
after provided for in article four of this charter
2. The association may commence business as
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.
3. Transfers of stocks shall be made on the books
of the association at it's 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.
ARTICLE ".
l. All persons who have subscribed, or may here.
after subscribe to the capital stock OF this assoca
tioR shall furnish their note for the amount or
their shares, payable on the thirty first of Deem
Der 1871.
2. The notes furnished, 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-
miums 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 extnguished the said notes, the stockholders
shall pay the balance dine thereon.
L. The nOn-payment of the balance due the
said notes, above provided for shall forfeit the
entire stock te the association, together with all
accumulation thereon and all interest or benefits
thereunto belonging; provided that the Board OF
Directors may extend said pay ments 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 any event be made
liable for the losses of the association in any larger
sums than the amount of his, her their subscrip
ton to the capital stock and his her their in.
debtedness to the association.
ARTICLE
l. All premiums shall be due and payable cash at
the end al each month
O. Any losses or balance due on losses sustained
by the association at the beginning of its opera
tons, 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 a special committee appointed for that
purpose by the Board of Directors or upon the re-
commendation of two more OF the stockholders,
risks may be taken from others than the stockhold
ers and such parties lnsurlng will become entitled
to such rebate may be established from time to
time by the Board OF Directors.
ARTICLE VI
l. Within the month of January 1871 and 1872
the president shall cause to be made a statement
of the net profits OF the association, and shah
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.
q 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
not terminated. 2. Showing the amount of losses
paid on fire, river and marine risks each and rein
surance, return premiums. B. Showing the inter
est on the portion OF the capital invested
ARTICLE VII.
T. From and after the beginning of the third
year, the stockholders shall pay premiums on
the assurances effected by them.
q 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 a 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 full such part the reof that
shall have been paid, and the amount thus formed
shall be paid pro rata by the parties insuring on
the earned premiums of the sums insured.
3. The statement to be made within the months
of April, July, October and January, as above pro-
vided for, shall be made to the thirty-irst of
March, thirtieth of June, thirtieth of September
and thirty-trst of December preceding, inclusive,
and shall be published as above provided for in
to be made in January, 1871 and 1872
ARTICLE VIII.
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.
2. The first election of directors of the associa-
ton 81 all be Leld on the fourth Monday of Deem
Der, 1870, and thereafter on the said day in each
year, at such place in the city of New Orleans
the Board of Directors shall designate of which
the president shall cause at least fifteen days pre-
viOus notice to be given in two of the public
newspapers printed in said city. The Board of D-
rectors shall appoint three of the ckholders of
the association inspectors to preside at such cleo
tons; and ii any of the said inspectors decline
fail to attend, the president may appoint others
to fill such vacancies.
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
4. Those persons receiving plurality of votes
shall be considered duly elected. In the event of
election taking place OH 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 newspaP ers published in this CITY.
s. The Board of Directors shall annually, at their
first meeting, elect president who shall on his
election, be ex-offcio member of the Board of Di-
rectOrs, and who shall hold his office until his
cessor is elected and qualified The President
shall preside at all meetings of the Board of Di-
rectors and az the meetings of the stockholders of
the association, and shall conduct the business of
the association generally under the supervision of
the Board of Directors.
6. In the absence of the president the Board of
Directors shall elect Of their members to
act in the place and stead of said president during
his absence. The Beard of Directors shall also APP
point all the other officers and clerks of the asso
citation.
.. ne DOdIu VI sudI ia inc COmptu-
sation of all officers and clerks employed or elected
by said association.
8. 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 and convenient for the government and
regulation of the association not contrary to the
charter the acts of the Legislature CT this State
providing for the organization and regulations of
corporations
9. 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 to him, her them trans
ferred within three months prior to said election.
ARTICLE X
l. It shall be lawful for the Board of Directors to
in vest the capital stock and other moneys of the
association in bonds and mort cages on real estate
in the parishes of Orleans and Jefferson. They NAV
also invest the capital stock and other cash funds
of the association in any bonds stocks created by
under the laws of the United States of this
State or of corporations of this State or loan its
funds pledge of any of the aforesaid securities
bonds or stocks
2 1t shall be lawful for the Board of Directors tn
purchase any property which may be mort tagged to
the association at any forced sale of the same
ARTICLE X
The following named persons shall constitute the
hrst Board OF Directors to hold their office uptil
the first Monday in January 1871 or until their
successors are elected or qualified They are here
by 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 AL acts and things not herein provided foI