New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-04-29

| twenty-five years from the date Of this charter,
order y g
s. The President or in his absence tho Secretary,
| tions IN all suits against the association.
ARTICLE H.
The objects and purposes Of this association are
], To make insurance on dwelling houses, stores
chsndiss and other property against los Of dam.
;. 70 make marins and river insurance upon YES.
chandise. specie buiHops, Bills Of exchange, com.
nnssions profits, bank notes and other evidences Of
al snd
connected with marine or inland transportation
3. TO cause themselves to be reimbursed against
any risk upon which they have made or shall mako
l. The capital stock Of this association 10 hereby
fixed ct 1--WE hundred thousand dollars, with the
privilege Of increasing it to one million Of dollars,
divided into shares Of hundred dollars each, to
ts s e sns
2. Tho association may commence business ~
soon - three hundred t9ousand dollars shall have
thirty first Of December. 1870.
Of the association Ut its ONCE in tho 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. aI
sv ts. ARTICLE ". ss.+f E.
l. All persons who have subscribed, or may here.
after subscribe to the capital stock Of this assoea
ton. shall furnish their note for the amount OF
their s snares payable ON the OF pecem
q The notes furnished, - above provided for,
pro6ts made BY the association in the first and
MUM. that s6sl have been paid during that time
. 1t the maturity Of said notes, If the net profits
of the association the inst and second year have
shall pay the balance due thereon.
The Of ss dn: the
accumulation thereon and all interest or benefits
thereunto belonging; provided that the Board Of
=: 30
forfeited may be transferred with the consent Of
s. No stockholder shall, in any event. be made
liable for the losses Of the association in any larger
snms than the amount Of his her or their sabecrp-
ton to the capital stock and his her their in.
debtedness to the association
ARTICLE v.
!. Al premiums shall be due and payable cash at
2 Any. losses OF balance due ON Iosses sustained
~ the adScciat i At the beginning e ts opera
sufficient funds to cover the Same, shall be paid
pro rata by the stockholders.
ton shall subscribe to the capital stock thereof,
and become stockhoider Of the association; pro.
vided. however. that by and with the advice and
purpose by the Board Of Directors, or upon the
commendation Of two or more Of the stockholders,
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 1s72,
the president shall cause to be made statement
cause the same to be published in 1t least two of
the city papers for one month, together with o
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 al persons
interested.
.. The annual statement, to be made in January,
1871 and 1872 above provided for, shall be made
up to December 81 preceding, inclusive, in the fol-
lowing manner, to wit: l. Showing the amodnt Of
premiums received on fire, river and marine risks,
not terminated. 2. Showing the amount Of losses
surance, return premiums 3. Showing the inter.
est ON the portion Of the capital invested
ARTICLE VII
l. From and after the beginning of the third
year, the Stockholders shall pay no premiums on
the insurance. effected BY them.
year following, within the months Of April, July,
october and January, the President shall cause to
the association, to which shail be added two and
half per cent profits paid to the Stockholders. on
thef stock paid in fun such part there.- chat
shall be paid pro rata by the parties insuring on
the earned premiums of the sums insured
Of s nx to o 81, %sae w.hn the month.
March, tSirtisth Of june tSirtesh Of ssptemSs 81
and shall be published as above provided for in
section one Of Article six for the annual statements
to be made in January. 1871 and 1871
ARTICLE VIII
l. All the powers Of the association shall be ex.
ercised BY Board of Directors to consist Of twelve
persons, five of whom shall form q Quorum for
the transaction Of business.
.. The first election of directors of the associa-
ton shall be held on the fourth Monday Of Decem
year At sach place the city Of New Orleans sse ss
the Board of Directors shall Designate Of which
vious notice to be given in two Of the pubic
rectors shah three Of the .toclholder. Of
TONS and ii any Of the said inspectors decline or
fail to attend. the president may appoint others
g. The Board Of Directors thus elected are to
take their seats on the first Monday In January
after the election, and to hold the came one year
there from until others are elected in their stead
shall be considered duly elected. In tho event Of
mo ON the d:
place within ten days thereafter, and give notice
Of the same by advertisement in one or more Of
s. The Board Of Directors shaIl ennually, 1t their
election. be ex.ofacio member Of the Board Of Dr.
rectors, and who shall hold his ONCE until his sue
cessor IL elected and qualified. Tho President
shall preside ut all meetings Of the Board Of d.
rectOrs and Ut 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. $500 -
6. In the absence Of the president the Board Of
Directors shall elect one Of their members to
his absence The Beard Of Directors shall also ap-
point al the other officers and clerks Of the $500
citation. t .r-s ~
Z. The Board of directors shall fix the compen.
sation Of all officers and clerks employed OF elected
by said association. III
They shall invest the profits Of tho association
power to adopt such bylaws - they may deem
necessary and convenient for tho government and
on e the not ut S the
providing for the organization and regulations Of
8. Each and every stocfholder ehall 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 TX.
/. It shall be lawful for the Board Of Directors to
assOciation III bonds and morfgaees on real estate
IN the parishes Of Orleans and Jefierson They may
also invest the capital stock and other cash nnds
or under tho laws Of the United States. Of t6is
State, Of corporations Of this State OF loan it,
fnnds on pledge Of any OF the Aforesaid securities
Il shali be lawful for the Board Of Directors to
purchase any property which may be mOrfgaged to