New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-04-25

| 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
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
| ARTICLE ".
after subscribe to the capital stock Of this assoca
ton. shall furnish their note for the amount OF
their shares, payable the thirty first Of Decem.
| q The notes furnished, a. above provided for
| shall he reduced by credit thereon Of the met
second year5pro rata to the amount Of earned pre-
minms that slau have been paid during that time
g. 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
said notes. ab0ve provided for shall forfeit the
S.Ssa 70 the @ I'll together With al
thereunto belonging; provided that the Board Of
Director. may extend said pay ments for such time
forfeited Sc with the Consent Sf
| the board of directOrs
$. 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 capital stock and his her or their in.
| debtedness to the association.
ARTICLE
l. An premiums shall be due and payable cash at
2. Any losses or balance due on losses sustained
t ~ the association at the beginning Of it's opera
sufficient funds to cover the same, shall be paid
pro rata by the stockholders.
3. All parties wishing to insure with the associa
ton shall subscribe to the capital stock thereof
and become stakeholder Of the association; bro.
vided, however. that by and with the advice and
purpose by the Board Of Directors or upon the re.
commentator OF two or more Of the stockholders,
risks may be taken from others than the stOckhod.
ers ans sncn parties lnsuring 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 q statement
Of the net profits Of the association, and shall
the city papers for one month, together with q
statement Of the assets of the association, dis.
the portion thereof invested in securities and the
nature thereof This publication shall be made
under oath Of the president and secretary, and
smaM Se conclusive and binding upon all persons
2; The annual statement to be made in January,
up to December 81 preceding. inclusive in the f 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
$50
ARTICLE VII.
From and after the beginning of the third
year, the stockholders shall pay no premiums on
the assurances effected by them.
2. But in the year 1872, and in each and every
October and January, the President shalt 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 full such part thereof that
shall have been paid, and the amount thus formed
the earned premiums of the sums insured. va
The statement ta;t to be made within the months
S ma a. fS e. above
March, thirtieth of June, thirtieth OF September
and thirty first Of December preceding, inclusive,
section one Of Article six for the tatements
to be made in January, 1871 and 1872.
ARTICLE VIII.
l. All the powers Of the association shall be ex.
ercised by Board Of Directors consist of twelve
persons, five Of whom shall form quorum fol-
the transaction of business.
.. The first election of directors Of the associa
ton sha!l be held ON the fourth Monday Of Decem
Sss sss on the "a day in
the Board of Directors shall designate Of which
the president shall cause at least fifteen days pre-.
printed * ssd city, The o. Board of DE-
rectors hallappoint three of the stockholders of
ns at
fail to attend, the president may appoint others
to fill such vacancies.
2. 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 wear
thersitom until others are elected in their stead.
shall be considered duly elected IN tSs e % v4tes
no election taxing place on the day aforesaid, the
place within ten days thereafter and rive notes
Of the same by ADVERTISEMENT in one Or more oS
Rasi soss q in tn: city
Hrst meeting elect president who shall. on his
election, De e1.omclc member Of the Board of Di.
aectors' ana VINO shall hold his office until his sue
shall preside 81 all meetings Of the Board of d.
Tsctsrs and At the meetings Of the kholders
the Board Of Directors WIZ ''fs'
IL the s.s Of the president the Board
act in the place and stead Of said president during
l1e absence The Beard of Directors shall also aP-
Ety. Al tne other officers and clerks Of the asso-
I: The Board Of Directors shall fix the compen.
s@OH . Of AZ cmcers and clerks employed or elected
They shall invest the profits Of the association
q hereinafter provided for. They shall have
and convenient for tho government and
regulation Of the association, not contrary to the
Or the acts Of the 5 Of TN: state
5. Zach i and every stakeholder shan be entitled
Of ts %
which he she or they may respectively hold, but
erred within three months rrior to said election.
ARTICLE TX.
l. Iteshall be lawful for the Board of Director. n
invest the capital stock and other moneys Il the
association in bonds and mortgages ON real estate
l.c invest the capital stock and othsr casS fands
the as9eiascn m any bonds Or stocks created 81
s. s e y +: ass & =. = g AZ
ma g Ito9go ~ any g the a1beueoi1 esenri1is