New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-04-03
ARTICLE vi

9 ARTICLE VI
J. l. All the powers of the association shall be exc
!. csed by Board Of Directors to consist Of tweI1
;, persons, five OF whom shall form a Quorum for ii
# transaction of business.
2 2. The election of directors of the associa tic
Il shall be held on the fourth Monday of Decem be
annually, at the office Of the association, in til
city OF New Orleans, of which the president sha
given in two of The pubic newspapers printed
said city. The Board Of Directors shall appoin
1 preside at such elections; and if any of the sal
inspectors decline or fail to attend the pres den
may sppelnt others to I'LL such vacancies
, | The Board OF Directors thus elected are I
take their seats on the fourth Monday in January
after the election, and to hold the same one yea
therefrom until others elected in their stead
T. In all elections the vote shall be by ballot
and al those persons receiving plurality of vote
shall be considered duly elected. In the event o
no election taking place on the day aforesaid thu
president shall cause another election to tax,
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.
. The Board Of Directors shall annually, al
their first meeting elect by ballot president
be ofcio member Of the Board Of Directors, and
who shall hold his office until his successor is
at all meetings of the Board of Directors a8 at the
meetings of the stock holders of the Association,
and shall conduct the business Of the associatio on
Directors. ~ WIG D'"'" VI
s. In the absence of the President, the Board of
l
| the place and stead OF said President during his
absence The Board of Directors shall also appoint
al tne Other 0fhcers and clerks of the association
T. The Board of Directors shall fix the com pensa.
ton OF all officers and clerks employed or elected
bX said association All employees shall hold their
| omces at the Will or the Board of Directors AMI
shall only receive salsry for the time they render
8. The Board of Directors shall invest the prof
It's OF the association, hereinafter pro vided for
1 lhey shall have power to adopt such by laws as
tnoy NAV deem necessary and Convenient for the
government rApuIafi0O Of tha niaf;o
contrary to the charter the acts of the LAgisla
tnre OF this State providing for the organization
sno regulation OF corporations.
y Each and every stakeholder shall be en- titled
at elections, either in person by proxy, to one
Which IN he zach ana share Of tas capital stock
not to vote on any stock to him, her or them
transferred within three months prior to said
election.
TO- No person shall be director of the asso cia-
Ton VINO does not at the time of his election, and
name, or in the name of the commercial firm of
which he may be member, at least twenty shares
OF the capital stock thereof
ARTICLE VII
l. 1t shall be lawful for the Board of Directors
to invest. the capital stock and other
moneys of the ASSOCIATION Except the con.
incumbered and improved real estate in the par.
lshes Of Orleans and Jefferson to amount not
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 or stocks created by
OF under the laws of the United States or of this
State OF Of corporations Of this State or loan it's
funds on pledge of any of the aforesaid securities
Q. The corporation may hold real estate to an
amount , not exceeding one fourth of its capital
rectors to purchase, in addition, any property
which may be mortgaged to the association, al any
thereby.
Q MI.
cages obtained BY way of security, or Of bonds or
stocks pledged for security or of property con.
veyed to them in satisfaction Of debts previously
contracted, or purchased at public sale upon judg-
ments or orders of seizure obtained BY said assO.
cation or OF any property, movable or immova-
citation for or concerning the Operations of it's
business, but nothing herein contained shall De
SO construed as to authorize the said association
to engage in mercantile agricultural business
nor in commission. brokerage, stock iobbing ex
change or banking business Of any Kind, either
zion shall have the right to purchase property or
building for the purpose of establishing an office
ARTICLE VIII.
The following named persons duly elected djrec. |
ors OF the association on Monday, the twenty.
'econd day of December, 1873 shall continue in |
,ttce under this amended charter until the fourth
re elected and Qualified. They are hereby vested
WITH all the rights and powers thereuuto be-
o on with power to fill any vacancies which
nay occur IN their number AMI generally to do !
md perform all acts and things not herein provided
or, which may be necessary to carry into full
Heel the objects and purposes of this association:
NJ. NILSSON, j. b. CANORS
j nv LE'SY |. J. WEBSTER.
ABE HIRSCE l. K SMALL
3. F. GOLSAN J. PLAISENT
LOUIS SCHNEIDER.
ARTICLE TX
No stakeholder shall ever be held liable or respon.
IDLE for the contracts or faults of this corporation
] any further sum than the unpaid balance due !
Q the association on the shares owned by him. nor
hall any mere infOrnality in organic alton have |
ne effect OF rendering this charter null or of ex-
osin2 stock holder to any liability beyond the !
mount Of his stock.
ARTICLE x.
The stockholders of the association at gene raj !
leeting to DC convened for the purpose after
lirty days notice in two of The newspapers pub.
shed IN this CITY, shall have the power to make
ny changes, additions or notifications in the act
Incorporation or even to dissolve IT. provided
lch meeting shall vote in favor of such proposed
easuEes and any and all such notifications, al q
amendments dissolution shall be re-.
'rded and published according to law.
ARTICLE xL
At the expiration of the charter or sooner If mr.
red by three-fourths of the votes of the stock.
'lders, rovided in article ten the affairs Of |
is association shall be liquidated according to
W, under the chArg and superintendent of |
rec commissioners, appointed BY the last board
directors and who shall exercise ali the corpOr-
Q
ent and liquidation of this affairs of the same
tn power to fill any vacancies which may occur
their number |
Each of said commissioners shall be a citizen NJ |
10 state and not indebted to the corporation |
q the Board OF Directors may fl < their compen. |
EN-. I
ARTICLE XII. <
All acts OF parts Of acts passed before G. LIE Gar
hr, IT,, notary public, in and for the parish of
leans and city of New Orleans at the following K
ses .b ana by the following parties to wit: s
IN Ghe seventh of August, 1863 by Messrs C. Cava-
:. Emichen & Pother, s. Cambon o. Marinoni, s.
lmmy, Lnling Co.. L. N. Avendano, Ant | r
nata u Blum Frank Co., A. Poincy SON. in.
tiOn; y,
IN first Of December 1870, by Mr. Charles Cava- s.
!, president of the New Orleans Insurance As fr
N fifteenth Of April, 1871 by Messrs C. Cavsroc
Marinoni, ?. Z; Bernard, A. Poincy, s. Cambon,
n, e. p Motion Charles De Ruyter Augustns
cha,d, iRcorporators and directors of the New
cans Mutual Insurance Association; RI
nd on the thirty-f first of December 1872 nv
Charles Cavaroc, president of the New or
as Mutual Insurance Associations
hich are in copfilct with thus act, with any
eaied, IN 80 far az they SO conflict and this act
Il take effect from and after the first day of n.
therefore,, the said N. Musson. J. Leisv u.n
aham, Abe Hirsch, E. F. Golsan. Lonis Scbna;.
=. 3. Gamors, L. j. Webster, A. j. Gomiia, l. K.
ac;tv ,hat a. moreover declared in their said
ed 6y the aforesaid resolution, and in order 70 n
9 iuIiy carry into effect the aforesaid amend. ~
tie cha ~ Hereby declare and make known q
~. T.leans insurance Association and New
s, .ut9al lnsurance Association have been ~
shove 1sn and 20 e to .s:S and be
require the recorder of mortasses in =
lor this city and parish to record said amend. !