New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-04-17

the association distinguishing the portion of same
which is in cash, and the portion thereof invested
| IN securities, and the nature thereof This pub
location shall be made under oath of the president
and secretary, and shall be conclusive and binding
upon all persons interested.
ARTICLE VI
l. All the powers of the association shall be exer.
cised by Board of Directors to consist of twelve
persons, five OF whom shall form quorum for the
transaction of business.
q The election of directors of the assOcja ton
shall be held ON the fourth Monday Of Decem Der,
anuuslly, at the Office OF the association. in til
city OF New orleans, Of which the president shall
given in two of The public newspapers printed in
said city. The Board Of Directors shalt appoint
three stockholders of the association inspectors TO
preside at such elections; and if any of the said
inspectors decline or fail TO attend, the pres dent
may appoint othere to ill such vacancies
The Board OF Directors thus elected are to
take their seats on the fourth Monday in January
after the election, and to hold the same one year
4. In all elections the vote shall be by ballot
and all those persons receiving plurality of votes
shall be considered duly elected In the event Of
no election taking place on the day aforesaid the
president 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, at
their first meeting, elect by ballot a president,
be ex OriciO member Of the Board of Directors and
who shall hold his Office until his successor is
elected anu QuAINeO. Inc president shall preside
at all meetings OF the Board of Directors aad at the
meetings of the stock holders of the Association,
aud shall conduct the business of the association
Directors.
g. In the absence of the President, the Board of
Directors shall elect one of their members act in
the place and stead OF said President during his
absence The Board OF Directors shall also appoint
all the other officers and clerks of the association
Z. The Board of Directors shall fix the compensa
tiOn OF all officers and clerks employed or elected
by said association. All employees shall hold their
offices at the will of the Board of Directors. aud
shall only receive salary for the time they render
service
8. The Board Of Directors shall invest the prof
it's of the association, hereinafter provided for
They shall have power to adopt such bylaws as
they ma, deem necessary aud convenient for the
government and regulation of the association, not
ture OF this State providing for the organization
and regulation of corporations.
8 Each and every stockholder shall be en- titled
at elections, either in person by proxy, to one
vote on each and every share of the capital stock
which he, she or they may respectively hold, but
not to vote on any stock to him, her or them
transferred within three month"; prior to said
election.
TO- No person shall be q director Of the assoca.
ton who does not, at the time of his election and
during his continuance in Office, hold in his own
name, or in the name Of the commercial firm Of
which he may be a member, at least twenty shares
Of the capital stock thereof.
ARTICLE VII.
!. 1t shall be lawful for the Board of Directors
Of the ASSOCIATION eaeept anf the oeosr
tingent. fund) in bonds and mortgages on un-
ncumbered and improved real estate in the par. |
shes of Orleans and Jefferson, to an amount not |
exceeding three fOurths of the capital stock; |
and in every case the property shall be worth |
twice the amount loaned thereon. They may also |
invest the capital stock and other cash funds of |
The association in any bonds stocks created by
u under the laws IF the United States Of this
unds on pledge Of any Of the aforesaid securities,
ponds or stocks.
2. The corporation may hold real estate to an
AMOUNT not exceeding one fourth of its capital |
tOck. but it shall be lawful for the Board of Di-
ectors to purchase, in addition any property
which may be mOrtgaged to the association, at any
orced sale of the same if in their opinion the in
crest OF the association would be promoted
8. They shall have power to dispose of mort.
ages obtained by way of security, or of bonds OF
tocks pledged for security. or of property con. |
eyed to them in satisfaction Of debts previously
Ontractsd, or purchased at public sale upon judg |
aents or orders of seizure obtained by said asso
iation. or of any property, movable or immova-
lie, which may have been abandoned to said asso. |
iation for or concerning the operations of its
usuess, but nothing herein contained shall De
0 construed as to authorize the said association
or in commission, brokerage. stock jobbing, ex
hange or banking business Of any kind, either
on shall have the right to purchase property or
aildng fIr the purpose of establishing an Office
herein.
ARTICLE VIII
The following named persons duly elected direc-
ITS of the association on Monday. the twenty.
,cOnd day of December, 1873 shall continue in
flee under this amended charter until the fourth
onday in January 1873 or until their successors
18th all the rights and powers thereuntO be-
nging with power to, fill any vacancies which
I'd perform all acts and things not herein provided
r. which may be necessary to carry into full
iect the objects and purposes of this association:
NJ MuSsON, J. B. CAMORS,
J LEfSY, L. j. WEBSTER
H HY1 A IIsAHA 4. J. eoMILA, |,
z Z. +. G GoGsAs; J. ] p fls sMAs1'
LOUIS SCHNEIDER.
ARTICLE TX
No stakeholder shall ever he held liable or respon.
Die for the contracts or faults of the corporation
any further sum than the unpald balance due
the association on the shares owned by him; nor
all any mere infornality in organization have
e effect of rendering this charter null or of ex-
sing STOCK holder to any liability beyond the !
Mount Of his stock
ARTICLEx.
seting to be convened for the purpose after | I
rty days notice in two of the newspapers puo.
he'd in this CITY, shall have the power to make | I
changes, additions or notifications in the act 8
incorporation, or even to dissolve it, prov ided | i
~ three fourths of the votes represented at
CD meeting shall vote in favor of auch prop0sed |
assures: and any and all such modifications al.
atoms, anne ndments or dissolution shall be re-
'ded and published according to law.
ARTICLE XII
It the expiration of the charter, or sooner if or.
ed by three-fOurths Of the votes of the stock. | ,
ders, as provided in article ten, the affairs Of |
g association shall be liquidated. according to |
', ubder the charge and superintendent of | y
ee commissioners, appointed by the last board | /,
directors. and who shall exercise all the corner
powers and functions necessary for the settie
Mt and liquidation of thu affairs of the sama |
h power to fill any vacancies which NAV Occur
heir number
ach of said commissioners shall be a citizen Of :
8 State, and not indebted to the Corporation | VI
the Board of Directors may fl K their compen. | !
ion and the amount OF security to be given by |
IN. | III
ARTICLE XII :.
II acts OF parts Of acts passed before G. LIE Gar u
lr, Jr, notary public, in and for the parish of al
cans and city of New Orleans at the followino | :"
es, and by the following parties, to witt 81
u the seventh of August, 1863 by Messrs C. Caya. 8
, Gmichen P0thier, s. Camton o. Marinoni |
mny Luling Il Co. L. NJ. Aveudano Ant
lata, d. Blum, Frank Co., A. Poincy son in |
porators Of the New Orleans Insurance Asso
ton;
4 first of December, 1870, by Mr. Charles Cava.
president Of the New Orleans Insurance A.
lation;
n fifteenth of April, 1871, by Messrs. C. Cavaroc
aar1nOnl, r. b. Bernard, A. POincy, 8. Cambon
N Haas. Jr., John Egli, Ant. Lauata William