New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-04-27

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fixed at five hundred thousand dollars with The
divided into shares Of one hundred dollars each t.
be paid for at the time and in the manner herein
after provided for in article four Of this charter
2. The association may commences business q
soon az three hundred thousand dollars shall have
been subscribed, but each fiscal year shall end on
nsc*mser 81 the nfst fiscal gear to end ON the
3. Transfers of stocks shall be made ON the beuks
OF the association 1t it's sice in the city Of New
Orleans only, but not while any indebtedness to
| provided said transfers have been approved by The
| Board Of Directors.
ARTICLE ".
!. All persons who have subscribed or NAV here.
after subscribe to the capital stock Of this assoca-
ton, shah furnish their note for the amount Of
Der. 1871. ..
shall be reduced BY credit thereon Of the met
| profits made by the association in the first and
second year pro rata to the amount of earned pre-.
| by each stakeholder. .
3 At the maturity Of said notes. if the net profits
not extinguished the said notes, the stockholders
| shall pay the balance due thereon.
Z The nonpayment Of the balance due on the
entire stock to the association together with an
accumulation thereon and all interest or benefits
for .e
forfeited Be- with the consent ss Of q
S. No stockhOlder shall, in any event. be made
liable for the losses Of the association in any larger
ton to the capital stock and his her or their In.
debtedness to the association.
ARTICLE v. e
]. All premiums shall be due and payable cash at
the end vi each month - :
.. 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
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; pro.
consent Of special committee appointed for that
purpose By the Board Of Directors, or upon the re-
cOmmendatiOn OF two OF more of the stockholders.
risks may be taken nom others than the stocfhoid
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
Ct the net profits Of the association, and shall
cause the same to be published in ct Least two Of
the city papers for one month, together with a
statement OF the assets Of the association, dis.
tinguishing the portion of same which is cash and
the portion thereof invested in securities and the
under oath of the president and secretary, and
shall be conclusive and binding upon all persons
2. The annual statement, to be made in January
1871 and 1872 as above provided for, shall be made
mp to December 81 preceding, inclusive in the fol-
lowing manner, to wit: l. Showing the amount Of
premiums received on fire, river and marine risks
each, deducting therefrom the amount of came
mot terminated 2. Showing the amount of losses
paid on hre river and marine risks, each and rein.
snrance, return premiums. 3. Showing the inter.
est on the portion Of the capital invested.
ARTICLE VII.
l. Prom and after the beginning Of the third
year, the stockholders shall pay NO premiums on
:. But in the year is53, and in each and everv
year following, within the months of April, July,
October and January, the President shalt cause 70
De made statement Of the losses aud expenses Of
the association, to which shall be added two and
half per cent profits paid to the stockholders on
shall have been paid, and the amount thus formed
snail De PAID pro rata BY the parties insuring on
the earned premiums OF the sums insured.
Of April, July, October and January, above pro-
vided for, shall be made to the thirty first of
and thirty first of December preceding inclusive
and shall be published above provided for in
section one Of Article six for the annual
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 to consist of twelve
persons, Eve of whom shall form q quorum for |
the transaction Of business
2. The first election Of directors of the associa-
ton shall be held on the fourth Monday Of Decem.
ber 1870, aud thereafter on the said day in each
year. at such place in the city Of New Orleans -
UeSEu8C6,
the president shall cause at least fifteen days pre-
vious notice to be given in two Of the public
nsw.sPapsrs printed in said city The scaR Of D
tions and any Of the said inspectors decline or
fail TO attend, the president may appoint others
3. The Board Of Directors thus elected are to
take their seats on the first Monday In January
therefiom until others are elected in their stead
4 Those persons receiving 2 plurality Of votes
no election taking place ON the day Aforesaid, the
precedent 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, It their
election, be ex.ofiicio member Of the Board Of D.
rect0rs, and who shall hold his Office until his sue.
csssor Il elected ID and qualified: The President
rectors and 1T the meetings Of the stockholdere Of
the association, and shall conduct the business Of
the association generally under the supervision Of
9. In the absence Of the president, the Board of
directors snan elect one Of their members to
his absence The Beard of Directors shsli also an.
point al the other ofacers and clerks Of the asso
!! The Board Of Directors shall ax the eompen-
,stion Of al officers and clerks employed Or elected
They shall invest the profits Of the association
'oser to adopt such bylaws ~ they may deem
equation Of the association, not contrary to the
:nArter or the acts Of the Legislature Of this state
,.rrac,ag .or the organization and regulations Of
.. Bach and every stockholder shall BE- entitled
= electioncs either in person or by proxy e one
vhich he, ahe OF they may respectively hold, but
!ot to vote on any stock to him. her or them trans
erred within three months rrior 70 ssao election
ARTICLE X =.
/. It shan be lawful for the Board Of Directors to
and MI mn 81 fha i