New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-03-02
CORPORATIONS.

for the purposes of organization as hereinafte
provided for. shall De elected annually by tn
| airy. They shall hold their offices for one yea
from the date of their election and until thei
| successors are duly elected and qualified, an
| SNAIL ex-oiiicO, be members Of said Board of d.
| rectOrS.
| SEC 3. Until the FIRST election to be held in thu
| month OF December 1873, and until their success
s0rs shall have been duly elected and qualified
Isaac a. Marks shall be president and T. Prud
| homme the vice president of the said company
SEC. a. The president shall be the executive
officer of the company. and shall transsc ct, con
duct and manage all of its business. und or the
supervision and direction of the Board of d.
rectors. Hs shall sign all contracts; preside at all
meetings OF she Board of Directors and stoc XII old
ers,cause all official notices or meetings elections
etc, to be promu gated; sign all policies of nsur-
ance and generally do and perform all executive
acts required for the transaction OF the business
of the company. He shall b9 the proper officer
upon whom citations and all legal notices shall DO
served.
SEC. 5, In case OF the absence of the president
the vice preside: shall take his place, act in his
stead and exercise all of his powers and fuIctious
ARTICLE VII.
SECTION l. The Board of Directors shall invest,
company in bonds or in mortgages uuincum-
bered aud improved real estate, situated within
the limits of the parish of Orleans, which said
real estate shall i'll all cases be deemed worth at
least double the amount loaned thereon.
SEC, 2. They may also invest the profits of the
company in any bonds or stocks created by and
under the laws of the United States, or of this
State or in bonds stocks of corporations created
under State laws Or city ordinances of the city OF
loans GA pledges of the aforesaid securities, Or
bonds or stocks any collateral bill of lading.
provided, however, that no such investment shall
interfere with the prompt distribution CT net
earned premiums for the current year.
SEC 3. They shall have power to dispose of mort
cages obtained by way of security, or of bonds
stocks pledged for securities, or OF property con
veyed TO the company in satisfaction OF debts
previously contracted or purchased at public sale
upon Judgments or orders of seizure obtained by
said company, or of any property. movable or I'M
movable. which may have been pledged or aban-
doned to the said company for or concerning tie
operation and transaction of its business. Pro-
vided however that nothing herein contained
shall be so construed as to authorize the said COM
pany to discount negotiable paper, to do any
other banking business; either directly or indi
rectly to deal or trade in buying selling movable
or inimovabie property, goods, wares or merchan
disc; provided. also, that the said company shall
have the right to purchase suitable property
building for the purpose Of establishing an office
therein.
SEC. i. The said Board of Directors shall also fix
the compensation of officers, clerks and employees.
elected or employed by them ia the service OF
the company and shall have fuli power 20 h.i an
vacancies which may occur in their number or In
the presidency.
ARTICLE VIII.
SECTION !. In addition to the capital stock of the
company. reserve fund shall be created, to con-
sist Of all interests received or profits realized on
loans and Investments. and of all amounts OBJ
tanned from other sources than from premiums
From this fund dividends of interest shall be made
to Stockholders.
SEC q An interest dividend of ten per cent per
annuUl, PAYABLE semi-anluay, if earned on the
first Monday in January and July of each year.
shall be declared on the amount of stock paid IL
and from the date OF us payment proVlueu, now
ever, that If the amounts received from interest
on ioans' anu o1Hsr s sua 10
. .3 M n ~ ! ~ pay o" s @ ga na;J n,
of the net prof Of the business of the year. if the
directors SO determine.
Mr.. ANY nf a
pay meni oi the interest," 9lTiuta aoose piua
loi, sna. ~. ~ ,t ns 1naaa tr az nthe
funds of the company. except capital stock and
reserve 1und' shai nave poem sA x, ~. leu ,
, SfS; T. ine 10. a rn p,o'' "a 'A'o o'i"S
'"ii 70 wv tueu , 40 III III - ;.a + .ba -as.rr
9 -, fi'o PoA oen' 'n w ~ ~ "
'oiiu; . ,u - :, ., 49, p.o,,or,
zen per cent sna Se s" np,s sne For ,h
mnat s ,ia nd "rmbana and me- can
suppoi. oi .ne Wuuws anu VI p nanS "i 'no son
eia releI system u saa assoolt.on, ,naa
o. NC nc, 20 s tL; .i III. AAS W
81. t, n l"o VI tlils ai.it q. ~ u l., .;;..,
=. no Feiilai1iiS Het Plonts sail no ua rio t
1 .t'ao,iS Gnu pan" W 'n' PA'''@p".."" ~
nc eoiu'n my Al. -. 49, ,,,u
tncIboidar Scpartif cate of stock for the amount
~ d eitiiI0asI VI o.ooA 10 eJ 5;;Soa
" MS her or Their ,s ts NO %
% on a a. 70 pa1 ~ ~ any SUI @ M. t,rd
n,iebtedness Of anv kind AGAINST him: but all
dividends so to be paid shall be passed to the
redlt OF such Indebtedness
SEC. o No dividend declared shall bear interest
my dividend unclaimed Tor three years SHAH Do
Or:eited to the company, and passed TO the credit
i reserve fund, after the puDcatlen OF the same
nee week f)r four weeks
ARTICLR TX
Tho .r,,ro oe oil oao.rs o,.r., o,5 .,n,ocas NJ
o InAie VI an o.Ieio' oi 40 no an I,I
he pleasure of majority of the Board of Directors
It the first meeting of each new board an election
Jerks and employees of the company shall be ap-
ointed by the president subject to confirmation
t the Board OF Directors These conditions shall
o accepted by each Of1lcer clerk and empIoye as
recedent TO all elections or appointment TO ofEce
.pr,r,,y
A"AiOhn a.
SECTION |. IL shall be the duty nj the president
{ the Board of Directors within the month of jan
airy of each year. to Cause to be prepared a full
tatement of the business OF the company, which
hall contain:
l. The amount of premiums received during the
lver and inlaad policies
q The amount of losses incurred during the year
pecifying what amount of losses have been in
urred under each of the different kinds of policies
3. The amount of capital stating the portion OF
he same invested in securities and the nature
hereof.
T. The amount Of expenses and net earnings OF
he company, and III what those expenses and earn
lgs consist.
SEC ?. Each fiscal year shall end on the thirty
rst day OF December.
ARTICLE Sl
-.
rms aco ol Incorporation may be inouiI1't, Al
cred or amended; me capitai stock lhcTeheea OK
Unfinished; or the said company dissolved at
eneLal meeting OF the stockholders TO he con
ened Tor that purpose, a1ter thirty days notice,
nth thn assent OF three'fourths OF the stock rep
esented at such meetinS any ana all such moi
icatiohs, alterations amendments Or dssolutiDns
hau Do puohsheo ana recorder AS required Nv
~"
ARTICLE XII.
Al the exnira.ion of tbis chartar or sooner If
rdered by q vote of the stockholders representing
wn tLirds nf tha canta stock the atYairs Of tbjs
on, many shall he Tnudated. its dehts maid and
ne balance of funds divided among the stock-
olders 1snro rata" on the Am ount held nv each Of
and up st0ck under the charge and superintend-
nee of three commissioners appointed BY this
GARD Of Direc,ors f,r that nurnnaa -