New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-04-11
ARTICLE VI.

ARTICLE VI
l. Ali the powers of the association shall be exer
csed by Board of Directors TO consist of twelve
persons, 1--WE of whom shall form o quorum for tn,
transaction OF business.
I ?. The election of directors of the associa ito,
shall be held Oh the fourth Monday of Decem Der
annually, at the office Of the association in tn.
city of New Orleans, of which the president shall
cause at least niteen DAYS previous notice to 6t
given IN two OF the public newspapers printed IL
said city. The Board of Directors shall appoint
three STOCKHOLDERS of the association inspectors tc
preside at such elections; and If any of the said
inspectors decline fail to attend, the presiden,
J may appoint others to ill such vacancies
| 3 The Board OF Directors thus elected are tC
! take their seats on the fourth Monday in January
after the election, and to hold the same one yeal
'therefrom until others are elected in their stead
| 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
president shall cause another election to take
place within ten days thereafter. and give notice
| of the came by advertisement in 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,
| who shall if not elected from among themselves,
be OK OtciO member OF the Board of Directors, and
| who shall hold his office until lie successor is
elected and qualified. The president shall preside
at all meetings Of the Board of Directors a1d at the
meetings of the stock holders of the Association,
and shall conduct the business of the association
generally, under the supervision of the Board OF
| Directors.
6. In the absence of the President, the Board of
|
| 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 cOmpenss
| ton of all officers and clerks employed elected
by said association. All employees shall hold their
offices at the will of the Board of Directors, AMI
shall only receive salary for the time they render
| service.
| 8. The Board of Directors shall invest the prof.
its of the association hereinafter pro vided for
| They shall have power to adopt such bylaws
| they may deem necessary and convenient for the
onIp tlufin nf
contrary to the charter or the acts of the Legisa
ture of this State providing for the organization
and regulation OF corporations.
| Each aud every stakeholder shall be en- titled
| at elections either in person or 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 them
transferred within three months prior to said
election.
TO- No person shall he director of the ssoca-
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 % member, at least twenty shares
OF the capital stock thereof
ARTICLE VII
/. 1t shall be lawful for the Board of Directors
| to invest the capital stock and other
moneys of the association Except the
tingent fund) in bonds and mortgages on I'M
ncumbered and improved real estate in the par.
shes of Orleans and Jefferson, to an amount not
exceeding three-fonrths 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
or under the laws of the United States, of this
State, or of corporations of this State loan its
funds on pledge of any of the aforesaid securities
bonds stocks
2. The corporation may hold real estate to an
amount not exceeding one fourth of its capital
stock but it shall be lawful for the Board OF Di-
rectors to purchase, in addition, any property
which may be mortgaged to the association, AT any
forced sale of the same, if in their opinion the in
terest Of the ASSOCIATION would be promoted
thereby.
3. They shall have power to dispose of mort
Cages obtained by way of security, or of bonds
stocks pied ged for security. of property con
veyed to them in satisfaction of debts previously
contracted, purchased at public sale pom judy
ments or orders of seizure obtained by said
citation. or OF any property, movable immova-
bic. which may have been abandoned to said asso-
citation for concerning the operations of its
business but nothing herein contained shall be
SO construed as to authorize the said association
to eugage in mercantile or agricultural business,
nor in commission, brokerage. stock jobbing,
change or banking business of any kind, either
directly or indirectly provided that the associa-
ZION shall have the right to purchase property
building fr the purpose OF establishing an office
ARTICLE VIII.
The following named persons duly elected drec-
tors Of the association on Monday, the twenty
second day of December, 1873, shall continue in
office under this amended charter until the fourth
Monday in January, 1915, or until their successors
are elected and qualified. They are hereby vested
with all the rights AMI powers thereunto be-
longing with power TO fill any vacancies which
may occur in their number, AMI generally to do
and perform all acts and things not herein provided
for, which may be necessary to carry into full
effect tha objects and purposes Of this association:
NJ NILSSON, J. B. CAMORS,
J. LE'SY, l.. J. WEBSTER
HY. ABRAHAM, A. J. GOMILA,
ABE HIRSCH, l. X. SMALL,
LOUIS SCHNEIDER.
ARTICLE TX
No stockholder shall ever be held liable or reepon
sbe for the contracts faults of this corporation
fuyt hnin dina
to the association on the shares owned by him;
shall any mere informality in organic alton have
the effect OF rendering this charter null or of ex
posing stakeholder to any liability beyond til 9
amohnt OF his stock.
ARTICLE x.
The stockholders of the association at gene raj
meeting to be convened for the purpose after
thirty days notice in two of the newspapers pub
hshed in this city, shall have the power to make
any changes, additions or notifications in the act
of incorporation, or even to dissolve it, PROV ided
that three fourths OF the votes represented
such meeting shall vote in favor OF such proposed
measures: and any aud all such mod tications, al.
terations amendments or dissolution shall be re.
cordei and published according to law.
ARTICLE XI.
at the expiration of the charter, sooner, if or
dered by three-fourths OF the votes of the stoc X
holders, as divided in article ten. the atfars OF
this association shall be Equ dated. according 10
law, uuder the charge and superintendent of
three com missoners appointed by the last board
of directors and who s exercise ali the coIpor-
ate powers and functions necessary for the eettle-
ment and liquidation of the affairs of the same
with power to fill any vacancies which may occur
in their number.
Each of said commissioners shall be citizen OF
this State, and not indebted to the corporation
and the b ard of Directors may ii their com pc n
sation and tho amount OF security 20 be given by
them
ARTICLE XII
All acts or parts of acts passed before g. lie Gar
deur, Jr, notary public, in and for the parish of
Orleans and city of New Orleans, at the following
dates, and by the following parties TO wit:
On the seventh of august 1863 by Meesrs. G. Cava-
roc, Enichen Il Pothier, 5. Canbtyl, U. Marinoni
Mummy, Luling 4 Co., l.. NJ. Avendano Ant.
Lanata, d. Binn, Frank II Co.. A. Poincy & son IN
citation;
On first Of December, 1870 by Nc. Charles Cava-
roc president OF the New Orleans Insurance Az |
socIatiOn;
On fifteenth of April, 1884, by Messrs. c. Cavaroc,
Q. Marinoni, +. E. Bernard A. Poincy, s. Cambon,
Agar, E. F. Moton, Charles De Ruyter, Augustus
heichafd, incorporators and directors OF the New !
Orleans Mutual Insurance Association;
And on the thirty-fir5t OF December, 1872, by |
Mr.. Charles CavaroC, presiden. of the New Or !
leans Mutual Insurance Assoc alton;
Which in conf c. with this act, or with any |
article section thereof her-Dy declared to be
repealed, far they SO conflict, and this act
shall take effect from aDd after the first day of
January, A. b. 1871.
Wherefore the said NJ. Mueson, j. Leisy Henry
Abraham Abe Hirsch, 4. +. Golsan, Louis SchneI.
Small, J. Paisent moreover declared, in their said
capacity, that by virtue of the powers in them
We sted by the aforesaid resolution and in orde 10
more fully carry into effect the aforesaid amend
ments, they do hereby declare and make known
that the charters or acts OF incorporation of the