New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-05-23

fixed at FIVE hundred Thousand dollars, with the
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
soon as three hundred thousand dollars shall have
been subscribed but each fiscal year shall end ON
Dec+ mber 81, the first fiscal year TO end on the
thirty first of December 1870.
g. 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
Board Of Directors.
ARTICLE ".
l. All persons who have subscribed or may here
after subscribe to the capital stock of this associa
ton. shall furnish their note for the amount or
their shares, payable on the thirty first of Decem-
Der, 1871.
O. The notes furnished, as 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.
AT the maturity of said notes if the net profits
Of the association for the first and second year have
not extinguished the said notes. the stockholders
shall pay the balance due thereon.
T. 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 all
thereon and an interest ter 10 OF R Is
Directors may extend said payments for such time
they deem proper; provided also the stock SO
forfeited NAV 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 any larger
sums than the amount of his, her their subscrip-
tion the capital stock, and his, her or their III
debtedness to the association.
ARTICLE V.
|. All premiums shall be due and payable cash at
the end of each month
q 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
lx-4l .no yhr1Aa
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 special committee appointed for that
purpose by the Board of Directors upon the re-
commentator of two 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
the president shall cause to be made a 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
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 fire, river and marine risks,
each deducting therefrom the amount of same
not terminated. Q. 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
l. From and after the beginning of the third
year, the stockholders shall pay no premiums on
the assurances effected by them
RI,fiu he
wear following, within the months of April July,
october and January the President shall cause to
be made 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 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, above pro-
vided for, shall be made to the thirty first of
and thirty-f of December preceding, inclusive,
and shall be published as above provided for in
section one of Article six or the annual statements
to be made in January 1871 and 1877.
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 fVr
| the transaction of business.
q The first election of directors of the associa-
ton stall be held on the fourth Monday of Decem-
Der, 1870, and thereafter the said day in each
year, at such place in the city of New Orleans as
| the Board of Directors shall designate, of which
the president shall at least fifteen days pre-
| vieus notice to be given in two of the public
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
| tons and il any of the said inspectors decline or
| fail to attend, the president may appoint others
to fill such vacancies
| g. The Board of Directors thus elected are 10
| take their seats the first Monday in January
after the election, and to hold the same one year
there from until others elected i'll their stead.
| a. Those persons receiving plurality Of votes
! shall be considered duly elected. In the event OF
no election taking place on 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 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. offico member of the Board of Di
rectors and who shall hold his office until his sue
/ cessor is elected and qualified. The President
shall preside at all meetings of the Board of Di
rectors and at 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.
| g. In the absence of the president the Board OF
| Directors shall elect one of their members to
act in the place and stead of said president during
his absence. The Beard of Directors shall also ap
point all the other officers and clerks of the asso
| citation.
| l. The Board of Directors shall fix the eompen
sation 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 as they may deem
| necessary and convenient for the government anG
regulation of the association, not contrary to the
charter the acts of the Legislature of this State
| providing for the organization and regulations O
| corporations
| 8. Each and every stockholder shall be entitled
at elections either in person or by proxy, to one
| vote on each and every share of the capital stool
| which he she or they may respectively hold, bu
not to vote ON any stock to him, her them trans
ferred within three months prior to said election
| ARTICLE TX
l. 1t shall be lawful for the Board of Directors L
| invest the capital stock and other moneys of III
| association i'll bonds and mortgages on real estat
in the parishes of Orleans and Jefferson. They ma
also invest the capital stock and other cash fund
of the association i'll any bonds stocks created
or under the laws of the United States of thi
State, or of corporations of this State or loan il
funds pledge of any of the aforesaid securities
bonds stocks.
2. 1t shall be lawful for the Board of Directors 1
purchase any property which may be mortgaged I
the association at any forced sale of the same.
ARTICLE X
The following named persons shall constitute tn
first Beard of Directors, to hold their office not
the flrst Monday in January, 1871, until thel
successors are elected or qualified. They are here
by vested with all the rights and powers thereunt
belonging, with power to fill any vacancies wine
may occur IN their number, and generally TO do an
| all arts md i'm hare DrOylQel