New Orleans Republican., 1873-07-13

all risks upon which they have made or shall
make insurance. to establish agencies IN thls state
and N the other States Of the Union a
ARTICLE w.
The capital stock of this company shal, be two
hundred and fifty Thousand dollars with the priv.
iege of increasing said amount to nve huhared nnl
of twenty-five dollars each. All persons subscrlb-
ing to the capital stock Of this company shall pay
at the tine of subscription fifty per cent OF the
amount Of each share, passing TO the company
their notes for the balance remaining unpaid; sald
notes TO be made payab.e on the mrs. gay oi Jity,
1875 but shall be subject to the calls provided for
in article six of this charter; should however the
dividends of the company be such that after being
apportoned pro rata among the sfoc ckEolders, the
Gfvideuds thus declared should be sufficient TO
tingush the face value OF said notes thts gwen oy
tine stockholders. on or before the END OF me sec
oEd fiscal year viz-the first Gay OF july 1870 then
said notes are to be cancelled and every year
thereafter the dividends OF the company are 10 oe
paid cash until the capita! stock OF ne company
is fail paid up aIG interest dividend OF ten per cent
cash on tie amount paid IN snail he allowed
TO stockholders at the end OF eafn nscal 1
year. In addition 10 the capital STOCK
OF the company contingent fund shall be
created, to consist of all interest received OF
profits OF loans, and investments i..a OF al
amounts received from o her sources than pre-
miI.ms and from this fund dividends OF interest
shall be made TO stockholders
Transfers of stock shall be made Oh the oooks OF
the COMPANY at it's Office in the city OF New Or.
leans orly on demand OF the legal ioide1 thereof
and the e.r1eEdsE OF certlncates.
ARTIcLE.v.
A., Sha corporate powers appertainins 20 this
conyAI1 are hereby vested i'll and sha! be exer,
cised by tie president and secretary and a b9ard
Oh l.sstees not exceeding eleven persons, includ-
il the president who shall be selected from stock
holders holding not less than twenty tve shares OF
the stock of this company n their own Lame, tour
Of whom shall fo1 III quorum 1Or the transaction OF
business. Tie officers Of the company shall consist
of president, secretary apd superintendent OF
agencies, and such other officers ana employees as
the president NAV deem necessary.
Az election for officers and trustees OF inns com
pany VIII he held every two years conlmenelns on
the first day Of July. 1875. and every alternate
year thereafter. .
Tie president shall be chosen from among the
members Of the Board of Directors by the mem
bers thereof inme dately after Their election.
The following named persons are hereby constl.
tuted Is president secretary and trustees OF inns
compapy ard shall hold their respective positions
until the first av of July, 1872 VIZ: DAVID LeIbrle
president; Frederick A. Johnson secretary; VA!
liam H. Decker, E. s. Drew, A. VI. Muller ana DaVld
Leubrie trustees.
The president shall preside at all meetings OF
the board and at the meetings OF the stoC khoid-
sTs of the company. The president shall have
the sole appointment of all officers not elected by
the board as prescribed in this article ard also OF
all employees and agents. He may, whenever ne
deems il not injurious to TIE interests OF the COM
panv graft leave of absence to the trustees and
to the officers and employees of the company
The president and secretary shall sign all poll
cies checks receipts. and certificates OF stock.
In the absence of the president, the chairman OF
the finance committee shall act as pre- sident pro
tempOre. and shall sign all policies and checks
The superintendent of agencies shall have
charge of the age cy department of this company;
under the immediate supervision and eont1oi Of
the president.
The trustees are hereby empowered whenever
the necessities of the company should require It,
to make calls upon the stockholders Tor such
amounts not exceeding ten per cent OF the un-
paid portion of the capital stock at any one time,
after giving thirty days notice TO That enect IN
% M ss IN ol ns be made
for the losses of the company IN any larger sum
than the amount of his. her OF their subscription
TO the capital stock or his. ter or their indebted
ness 70 ihe cOmpany. TrausfeIees of stock not
fully PAID up shall assume all Indebtedness there,
on aud the same shall be approved by the Board
OF Trustees.
Every five $, ares OF the stock Of this company,
he'd by stockhoider thereof, shall entltle the
holder thereof to vote, and the holder Of any
fractional number of shares. less than hve shares
shal. De entitled to one vote.
ARTICLE VIII.
There shai. be made on the second Wednesday
of August. commencing with the year 1874, an an.
nual statement from the books OF the company,
showing up to the first day of August OF said
wear the total amount Of premiums received from
all sources, the amount of losses paid, the general
expenses OF the company up to date, and the
balance OF profit and loss. the whole to be sworn
to and subscribed by the president and secretary.
and published ten times during said month of
August in two newspapers OF the city OF New Or
Leans.
tits hereby provided that ten per cen. Of the
net profits of this company. derived from the
Ioca a! bus ness of the city of New Orleans, shall be
and is hereby donated to the Eiremen's Charitable
Assocarion of the city of New Orleans, and that
the amount above designated shall be paid anun-
ally the Authorized representative OF sad asso'
cIation.
Thi. COMPANY may organize local boards in other
States to whom shall be reserved fifty per cent OF
the funds derived from the net premiums received
proyideJ that at least one thousand shares shall
have been subscribed in the State, OF at least hve
hundred shares in the city or town, IN which any
such board may be established. Fifty per cent OF
the cash funds thus entrusted to the care OF the
local board may be invested as this charter pro.
vides The whole shall be under the control and
management of the local board of said city or
State. The losses that NAV occur by ire where
local boards established. shall be paid from
and resel we'd to their control by the provisions of
this article. Said local boards shall make a
monthly report to the home office, N the city ct
New Orleans, stating therein the amount Of pre-
ni,,ms handed to them by the general. special or
local agents, the amount invested and how &c
cured the interest derived tlerefrOm. and the
cash funds remaining in their possession, and
where deposited Said statement TO be duly signed
and authenticated by the president and secretary
secretary thereof included. shall perform the du-
ties herein prescribed and assigned sratuitously.
ARTICLE XL
There shall be \ quarterly meeting OF the Board
Of Tru- es 10 be held on the first Wednes day of
August, November February and May OF each year.
and the president NAV cOnvcLe the board When-
ever he NAV think proper to do So or whenever re-
qaested to Go SO ia writing by five members thereof
ARTICLE XII.
II shaN be lawful for the Board of Trustees TO in
vest the capital stock and such other moneys as
NAV come under their control in bonds and mort
cages Oh unincumbered and improved real estate
In The city of New Orleans, to an amount not ex-
ceeding $50 0G0 and in every case the property
shall be worth twice the amount loaned thereon;
they may also invest the capital stock and Othef
cash funds III the stocks created by or under the
laws Of the United States, of this State, OF OF
other States, and may sloan the same upon recev-
ing such stocks as security i'll sums not exceeding
three -fourths the par value of the same. They
shall make such other disposition of the moneys OF
the company as thev may deem eOndu'.ve TO the
interests Of the company.
ARTICLE KILL
The stockholders Of the company, at general
meeting to be convened for that purpose, AFTER
thirty DAYS notice in two of the newspapers pub
Eshed in this city, shall have power to make any
changes additions OF notifications in this act OF
INCORPORATION to dissolve the company; pro-
vided three-fourths of the stockholders OF the
company present at or represented Ey proxy, at
said meeting shall vote in favor OF such proposed
measures and anv and all such changes, additions
modification or dissolution shall be recorded and
published as required by law. In the event that
the same should become necessary the liquidation
of the affairs Of this company shall be made by
three commissioners, to be appointed at the meet.
ing hereinabOve provided for. The duty OF SAID
commissioners shall be to lqUiGate finally all the
such manner shall be determined at the meet
ing by majority Of the stockholders present Or
represented.
ARTICLE XIV.
The names Of the stockholders Of this corpora
tion and the number of shares possessed by each
are declared to be those subscribed TO this act.
Thus done and passed in my nOtarai Otilce, at
the city of New Orleans State aforesaid IN the