New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-04-24

ana IN every case the property shall b,
worth twice the amount loaned thereon
They may also invest the capital stock ani
oIner cash funds OF the company in any
| oonds OF stock created by or under the lawi
| of the United States or either of the States
OF the Union. or corporations chartered
thereby, or loan its funds on pledges of any
of the aforesaid securities, bonds or stocks
| or on the pledge of cotton press receipts
and on other warehouse receipts of produce
stored therein. The company NAV hold
real estate to an amount not exceeding one.
fourth Of the capital stock, and for the pur
pose of conducting their business therein.
but it shall be lawful for the trustees to
purchase in addition any property which
may be mortgaged to the company at any
forced sale of the same, if in their opinion
interests of the company would be promoted
thereby. They shall have power to dispose
of all mortgages obtained by way of Sc
curity, Or of stocks or merchandise pledged
for security, or of property conveyed to
them in satisfaction of debts due the CON-
pany or purchased at public sale upon judg-
ments or order of seizure obtained by said
company, or OF any property, movable or
immovable, which may have been aban-
doned to the company.
The following named persons shall con-
stitute the first board of trustees under this
amended charter: Thomas A. Adams, presi.
dent; Samuel B. Newman, vice president,
ex ofdcio; Samuel H. Kennedy, John Phelps,
A. q. ODER, A. Thomson, Victor Never,
Edward j. Gay, C. T. Buddecke, +. Fl. Fo-
Bowling. Henry Abraham, who shall hold
their seats until the first Monday in June
next, A. D. 1873, or until others are elected
in their stead.
ARTICLE VII.
The officers of the company, at the expira-
ton Of one year from April 30, 1872, and
within one month thereafter, and during
the month OF May of every succeeding
year, shall cause an estimate to be made
and sworn to by the president or secretary
of said company, of the affairs thereof as
near as may be, for the preceding year, in
GLIDING statement Of assurances effected
during the period embraced in such esti-
mate, Distinguishing between fire, marine
and river policies, which estimate shall be
conclusive upon all persons entitled to divi-
dends or profits. This annual statement
shall show the amount of premiums re-
ceived on fire, marine and river risks; also
amount Of premiums on risks not terminated;
also amount Of losses paid on lire, marine
and river assurances, together with an est
mate of losses unpaid; also amount of Ie-
expenses and all other losses, less
interest and discount. The balance
will show the profit or loss on the
business of the year. From the gross .
profits, as above, shall first be deducted an
amount equal to ten per cent on the whole
capital stock, which shall be carried to the
credit of interest account to secure that
amount. as per condition OF the certificate of
shares issued or to be issued by the COM
pany; the balance remaining being the net
profits for the year, shall be divided among
the persons insuring with the company, pro
rata, on the amount OF earned premiums by
each paid within the year; provided, that no
sum less than ten dollars, nor any fractional
part of tens of dollars shall be 80 divided
but that such sums shall be carried to the
credit of the contingent fund, which fund
may be used from time to time to reduce
the assets of the company TO a real cash
value. 1t is also provided that when the
contingent fund shall have accumulated to
an amount exceeding three hundred thou
sand dollars it shall 'be lawful for the trus--
tees at the close of any fiscal year to declare
an extra dividend to the stockholders of said
excess, payable in stock or cash not reduc-
ing the same below three hundred thousand
dollars; and provided further, that in the
event of extraordinary losses in any one
fiscal year which shall reduce the premium
dividend below twenty-five per cent, the
surplus of the contingent fund if any over
one hundred thousand dollars, or such an
amount as may be necessary, may be ap-
to make up such dividend to
twenty-five per cent. No. dividend shall
bear interest, and any dividend ur-
claimed for the term of three years from
the date declared shall be forfeited to the
company and carried to the credit of the |
fund after the publication of the |
same once a week for four weeks success
vely in any city paper. Within the month |
If May, 1873, and every year thereafter, the |
president shall canse to be made state |
nent Of the affairs OF the company, as pro- |
7ided for in section one and two of this |
article and shall cause the same to be pub |
ished in at least two of the city newspapers |
or one month, said statement showing the |
assets. OF the company, distinguishing the
portion of the same which is in cash and !
jhe portion thereof invested in securities, |
md the nature thereof. This publication
hall be made under the oath OF the presi-
lent and secretary, and shall be conclusive |
lpOn all parties interested therein.
ARTICLE VIII.
This act shall take effect from and after
be thirtieth April, 1872, that being the
lose of the fiscal year of the company last
,ast, and all interest on scrip shall eeace
rom that date; provided, that interest at
he rate OF ten per cent per annum be
flowed on all stock for which certificates
Il scrip shall be surrendered, and converted
ntO stock prior to August L, 1872, and be
1ade payable on the second Monday OF
aid August; and, provided also, that in
crest on all scrip so converted between
August l and November shall receive the
ame. rate Of interest from August ], pay
BILE on the second Monday in November;
nd, provided further, that interest as above
hall commence on all stock 80 converted
rom surrender Of scrip on the first Gay of |
be quarter in which the conversion shall
e made.
ARTICLE TX.
At the expiration of the charter or sooner
ordered by threeiourths of the stock |
epresented at general meeting convened |
1r that purpose, the affairs OF the company
lay be .iiquidated, its debts paid and the
alance divided among the stockholders
TO rata on the amount of stock held by
ach, under the charge and superintende
three commissioners appointed by the |
GARD OF trustees for that purpose.
ARTICLE x.
This act of incorporation can be altered
nd amended by the vote of two-thirds of |
le whole number of trustees and as pro-
ided by law.
Sec. 2. Be it further enacted, etc. That
lis act shall take effect from and after its
assags.
(Signed) CHARLES w. LOWELL.
Speaker of the House of Representatives..
tSigned) c. c. ANTOINE,
lieutenant Governor and President Of the
Senate.
Approved April %, 1874
(Signed) mWILLIAM p. KELLOGG,
Governor OF the State OF Louisiana a. |
A true copy:
WILLIAM WEEKS,
Assistant Secretary of State