New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-07-06
CORPORATIONS,
company. aad in what those earnings and ex'

the company. aad in what those earnings and ex-
ARTICLE XII
SECTION |. The company shall make to the as
sured such return premiums i'll cash as the presi-
dent and Board of Directors may deem expedient.
SEC. q Out of the net profits Of the company, an
interest of ten per cent on the paid in stock shall
first re taken, the balance then remaining shall be
divided among the stockholders as follows:
Three-fouTths 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
fourth of the sail 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 INIT of five dollars, and that all such frac-
tional SUMS shall be carried to the credit of con-
tingent accounts. The interest OF ten per cent on
paid in ca G shall be RsbS in cash ,b Df the be
placed to the credit of the stock notes until the
latter are paid up: The balance due on stock
years shall be paid in cash after the expiration OF
said time.
SEC. 3. When the notes of the stockholders shall
have been fully paid there shall be issued to each
stakeholder a certificate of stock for 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.
SIC. 4. No dividend declared shall bear interest,
and any dividend unclaimed for three years shall
be forfeited to the company, and passed to the
credit of profit and loss account, after the publica-
ton of the same once week for four weeks.
Whenever a dividend is called for after being adj
vertised, 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
aud with the assent of three-fOurthS of the stOe
represented at such meeting and any and all such
m"uitications alterations, amendments or dissolu-
tons shall be recorded and published according
to laT.
ARTICLE XIII.
At the expiAtion of this charter, sooner if
ordered by vote of stockholders representing
twothirds of the capital stock the affairs of this
company shall be hquidated, its debts paid and
the balance divided among the stockholders pro
rata the amount held by each OF paid up stock
under the charge and superintendent of three
commissioners appointed by the Board of Drec-
tors for that purpose.
ARTICLE XIV
The names and respective interests of the sub
scrbers to this act are hereby declared to be as
follows, to wit
United States internal revenue stamps amount
ing to twenty-five cents, are am xed 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 it'll said parties and me- said notary
after due reading OF the whole