New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-05-11
CORPORATIONS.

| be held liable for any losses or damage which NAV
| be incurred by this company in any sum greater
than the amount of their subscription and indebs
/ edness.
No transfer ofless than full share win be per-
mitred.
Transferees of shares, not fully paid up, shan as
| sume all the Indebtedness thereon, under the ap-
prevail OF the trustees.
ARTICLE x.
All the corporate powers OF this company shah
| be vested in q Board Of Trustees composed OF
form quorum for the transaction of business to
| be elected by ballot annually the fourth Tues
day in JulT, at the Office of the company OF which
election the secretary shall give at least ten ays
notice in at least two newspapers published 10
! this city. The Board of Trustees shall appoint
from among the stockholders, not trustees three
inspectors of said elections, and If any of said in
spectors should decline fail attend the presi
dent may appoint others to fill the vacancy
The new Board OF Trustees will take their seats
on the first Tuesday in August after the election
and remain in 9itee during the year following M
Those persons receiving a plurality of votes
shall be declared duly elected Should there be no
election on the day appointed. the president shah
cause another election to be held within ten days
thereafter, upon due notice in two more news
papers published in this city.
The Board of Trustees shall, annually. at their
first meeting, elect president and vice president
who shall be ex offico members of the Board Of
Trustees and they shall bold their offices until
their successors are elected and qualified. The
president shall preside at all meetings of the Board
ofTrustees and at all NEE tings OF the stockholders
of the company, and shall conduct the business Of
the company generally under the supervision of
the Board of Trustees
The vice president shall preside at the meetings
aforesaid in the absence of the president, and, m
his absence shall sign the policies of insurance Of
the company.
The trustees shall fix the compensation of all
officers and clerks employed or elected by them.
They shall have power to adopt such bylaws as
they may deem necessary for the government and
regulation Uf the company, not contrary 10 this
charter or to the acts of the Legislature of this
State relating to the organization of corporations
and to appoint agents within and out OF the state,
under restrictions to be prescribed by the trustees
No person shall be trustee of this company who
does not a. the time of his election and eontinn-
ance in Office own in his own name, or in the name
of the commercial firm of which he may be a mem
Der, at least ten shares of the capital stock
thereof.
Each and every stakeholder shall be entitled at
elections, either in person by proxy, TO vote
on each and every share of the capital stock held
by them respectively, but no stock shall be en-
titled to a vote which shall have been transferred
within three months previous to said election.
ARTICLE XII.
AT the time the expiration of this charter, or
sooner if ordered by vote of two-thirds of the
stockholders the affairs of this company shall be
hquidated its debts paid under the charge and SUI
perlntendence of three commissioners to be chosen
by the Board of Trustees, who shall remain in
office until the final liquidation of the affairs of the
company provided the entire liquidation shall not
extend beyond a period of two years. after which
time the trustees may, at their option, continue
the commissioners in office or appoint others La
their place or stead
ARTICLE XII.
The following named persons shall constitute the
first Board of Trustees, " no shall remain in office
until the second Tuesday of July, 1872 until
their successors elected and qualified; and
they are hereby invested with all the rights and
powers therennto belonging, with power to fill any
vacancies which may in their number and
to do and perform all and every act not
herein provided for which may be necessary to
carry into full effect the objects and purposes of
this CORPORATION.