New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-07-09
CORPORATIONS.
the company. and in what those earnings and ex-
penses consist.
ARTICI.E XII


the company, and in what those earnings and ex-
f0''D ARTICLE XII
SECTION /. 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. 2. 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:
Threefourths of the same to be divided among
them pro rata of the amount of earned premiums
fourth Of the said balance to be divided among the
stockholders pro rata of their paid in CAPT al 1t
is, however, provided that dividend of Tess than
five dollars shall be declared. nor shall any diyi-
dend declared contain any fractional part of the
said unit of five dollars, and that all such frac-
tional sums shall be carried to the credit OF con
tingent accounts. The interest of ten per cent ON
amount of the two dividends declared shall be
latter are paid up. The balance due on stock
notes not extinguished by dividends within hve
years shall be paid in cash after the expiration or
SEC B. When the notes of the stockholders shall
have been fully paid there shall be issued to each
stakeholder certificate of stock for the amount
OF his or her subscription. So
No dividend shall be paid to any. stockholder
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
such Indebtedness.
SEC. T. 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 pubica-
ton of the same once week for four weeks.
Whenever dividend is called for after being adj
verised the party entitled to it shah pay cost of
advertising
ARTICLE XII.
This act of incorporation may be modified,
altered or amended, or the said company dissolved
at a general meeting of the stockholders to be
convened for that purpose afterthirty 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 dfssolu-
tons shall be recorded and published according
to Law. tn.t sa..t. .sr..
ARTICLE XIII.
At the expiration of this charter, sooner if
tvo-thirds of the capital stock, the affairs of this
company shall be liquidated, 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 aud superintendent 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
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 year first
above written in the presence of Messrs. Lawrence
Mccormack and Harris Murphy. competent wit
nesses, residing in this CITY, who hereuntO sign
after due reading of the whole.