New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-03-21
CORPORATIONS.

article three of this charter shall be taken; the
balance then remaining shall be divided as fol.
lows: Eighty fl se per cent to the stockholders of
the association pro rata on the amount OF earned
premiums by each paid in within the year. and
fifteen per cent shall be applied to the creation and
maintenance Of the contingent fund as provided
for in sectiOus FIVE, six and seven Of article three
provided that no dividend of less than five dollars
shall be declared, nor shall any dividend declared
contain any fractional part of the said unit of va
dollars, and that all such fractional sums shall be
carried to the credit of the contingent fund.
5. That no dividend declared shall bear interest
aid that any dividend unclaimed for the term of
three Years from the date declared shall be for
feited to the association aud carried to the edit
of the contingent fund, after the publication of the
same once a week for four we. ks SUCCESSFULLY.
Whenever a dividend is called for after being
thus advertised the party entitled to it shall pay
cost of advertising.
9. That any party insurng with the association,
may receive such cash return as the directors NAV
from time to time determine and any stockhOider
receiving such cash return, shall not forfeit his
claim to any further participation in the profits of
the association . provided tor in section four Of
this article of the charter.
!. All premiums shall be due and payable in cash
at the end Of each month, in default of which the
association may cancel the policy on giving ten
days notice to the insured and to the party to
whom the loss if any, is made payable.
nually, the president shall to be
made statement of the net profits of the
association as provided for in section four
published IN at least two of the city papers for
month together with statement Of the assets of
which is IN cash, and the pOrmOn thereof invested
in securities, and the nature thereof This pub
LEGATION shall be made under oath of the president
and secretary, and shall be conclusive and binding
upon all persons interested.
TICLE vi.
l. AL the powers of the association shall be exer-
cised by Board of Directors to CONSIST of tive I've
persons, five of whom shall form quorum for the
transaction of business.
3 The election of directors Of the associa ton
ehall ha hald Monday n Dacem her
annually, at the office OF the association, in tn
city of New Orleans, of which the president shall
given in two of the pubic newspapers printed in
said city. The Board Of Directors shall appoint
three stockholders of the association inspectors to
preside at such elections; and If any OF the said
inspectors decline fail to attend, the president
may appoint others to ill such vacancies.
3 The Board OF Directors thus elected are TO
take their seats the fourth Monday in January
after the election aud to hold the same year
therefrom until others are elected in their stead.
T. 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 there after. 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 president,
who shall, ii not elected from among themselves,
be ex othciO member OF the Board of Directors and
who shall hold his office until his successor is
elected and qualified. The president shall preside
-
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.
g. Ia the absence of the President, the Board of
Directors shall elect one of their mem bers to 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.
l. The Board of Directors shall tx the cOmpensa.
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 provided for
They shall have power to adopt such bylaws
they may deem necessary and convenient for the
government and regulation of the association, not
contrary to the charter or the acts Of the Legisla
ture Of this State providing for the organization
and regulation of corporations.
Each and 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 nod but
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 associa-
ton who does not at the time of his election, and
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.
l. 1t shall be lawful for the Board of Directors
to inves: the capital stock and other
moneys Of the association Except the con-
tingent fund.- IN bonds and mortgages
incumber and improved real estate in the par
ishes of Orleans aud Jefferson to amount not
exceeding threefOurths 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
or usder 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 or stocks
2. The corporation may hold real estate to sn
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 or
stocks pledged tor security. or of property con.
veyed to them in satisfaction of de DTS previously
purchased at public sale upon jud5-
ments orders of seizure obtained by said ass0-
citation. or of any property movable or immOva-
bic. which may have been abandoned to said assO-
citation for or concerning the operations of its
but nothing herein contained shall De
so construed as to authorize tho said association
to engage in mercantile or agricultural business,
nor in commission, brokerage stock job5ing, ex
change or banking business Of any kind, either
directly or indirectly; provided that the associa
tion shall have the right to purchase property or
building Tor the purpose OF establishing an office
therein.
The following named persons dulv elected direc
tors of the association Monday. the twenty.
second day of December, 1873 shall continue in
Df1ce under this amended charter until the fourth
Monday in January 1873, or until their successors
are elected and qualified They are hereby vested
with all the rights and powers thereunto be-
0nglng with power to fill any vacancies which
nay occur in their number and generally to do
and perform all acts and things not herein provided
or which may be necessary to carry into full
feet tho objects and purposes of this associations
NJ MUSsON, J. B. CAMORS.
j LEISY, L. J. WEBSTER
HI. ABRAHAM A. J. GOMILA
ABE RIRSCR l. K. SMALL,
Z. F. GOLSAN, J. PLAISEST,
LOUIS SCHNEIDER. |
ARTICLE TX |
No stocbhoder shall ever be held liza BILE or respon.
ibS for the contracts faults OF this corporation
n any further sum than the UNPAID balance due
o the association on the shares owned by him; nor
hall any mere infOrnality in organic alton have /
he effect OF rendering this charter null or of
oslng stock to any liability beyond the |
mount of his stock.
ARTICLE x.
The stockholders of the association at a gene raj
,eeting to be convened for the purpose, ate
hrtv days notice in two of the newspa pers puo- |
shed IN this city, shall have the power to make |
ny changes, additions notifications in the act |
Incorporation, or even to dissolve 1t, prov ded |
nat three fOurths of the votes represented at |
UGH meeting shall vote in favor Of such proposed
and any and ali such notifications al. |
sratlons, amendments or dissolution shall be re. |
orded and published according to law.
ARTICLE XII.
At the expiration of the charter or sooner if Or |
olders, provided in article ten, the affairs of
lis association shall be linuidated. according to
w, under the charge and superintendent of |
Tree commissioners, appointed by the last board |