New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-07-30
CORPORATIONS.
the company, and in what those earnings and ex-
penses consist.

ARTICLE XI.
SECTION |. The Company shall make to the as
sured such return premiums in cash as the presi-
dent and Board of Directors may deem expedient.
SEC D. Out of the net profits of the com pany, an
interest of ten per cent on the paid in stock shall
first he taken the balance then remaining shall be
Three-fOurths of the same TO be divided among
them pro rata of the amount OF earned premiums
paid by each of them within the year and one
fourth of the said balance to be divided among the
stockholders pro rata of their PAID In CAPT al 1t
is however provided that no dividend OF less than
five dollars shall be declared, nor shall any divi-
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
tinrent accounts The interest of ten per cent on
paid in capital shall be payable In cash, but the
amount of the two dividends declared shall be
placed to the credit of the stock notes until the
latter are paid up. The balance due stock
notes not extinguished by dividends within five
years shall be paid in cash after the expiration of
SEC g. When the notes of the stockholders shall
have been fully paid, there shall be issued to each
stakeholder certificate OF STOCK Tor the amount
OF his or her subscription
No dividend shall be paid to any stakeholder
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.
and any dividend unclaimed for three years shall
he forfeited to the company and passed to the
credit of profit and loss account after the pubica
Whenever a dividend is called for after being adj
vertsed the party entitled TO it shall 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 after thirty 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 dissolu-
lions shall be recorded and published according
to law
At the expiration of this charter, or sooner if
ordered by a vote of stockholders representing
rwo-thirds of the capital stock, the affairs of this
company shall he iiquidated 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 and 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 as
follows, to wit:
United States internal revenue stamps, amount
ing 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
their names 18th said parties and me- said notary,
after due reading of the whole.