New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-02-28
CORPORATIONS.

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d for the purposes OF organization as hereinatte
g. | provided for, shall De elected annually by tn
q Boald Of Directors At their first meeting in Febr,
n airy. They shall hold their offices for one yea
O successors are duly elected and qualified, au
i. snail, e1othco, be members OF said Board Of
SEC. 3. Until the first election to be held in tn
r month of December 1875, and untll their success
+ sors shall have been duly elected aud qualified
l. Isaac n MARKS shall be president and T. Prud
r homme the vice president of the said company.
' SIC T. The president shall be the executive
| officer of the company. and shall transa ct con
| duct and manage all OF its business. uud or the
supervision and direction of the Board of Di
rectOrs He shall sign all contracts; preside at al
ers;cause all official notices meetings elections
etc. to be promul :ated sign all policies of insur.
ance. and generally do and perform all executive
acts required for the transaction OF the bushes
of the company He shall be the proper officer
| served.
: SEC 5, Ia ease of the absence of the president
the vice presider shall take his place act in his
stead and exercise all of his powers and tunc
ARTICLE VII
| SRCTIoN l. Tie Board of Directors shall invest
from time to time. the profits and funds of the
company in bonds in mortgages on unincum
| bered and improved real estate, situated within
the limits OF the parish of orleans, which said
real estate email in all cases be deemed worth at
least double the amount loaned thereon.
SRC, 2. They may also invest the profits of the
company in any bonds or stocks created by and
under the laws of the Unted States or of this
/
under State laws or city ordinances OF the city of
| New Orleans. They shall also have power TO make
bonds stocks any collateral bill of lading;
| provided however, that no such investment shall
interfere with the prompt distribution of net
| SEC 3. They shall have power to dispose OF mort
| cages obtained by way of security. or of bonds
veyed to the company in satisfaction OF debt.
previously contracted or purchased at public sale
| upon judgments or orders Of seizure obtained by
l cOm0ACy. n z
| movable. which may have been pledged or abau-
| doned to the said company for or concerning the
operation and transaction of it's business Pro
vided however, that nothing herein contained
shall be so construed as to authorize the said COM
other banking business or either directly or indi.
rectly to deal or trade in buying selling movable
disc; provided. also, that the said company shall
have the right to purchase suitable property or
building for the purpose Of establishing an Office
| therein
SEC. 4. The said Board of Directors shall also fix
the compensation of officers. cer ks and employees.
the company. and shall have full power fill all
vacancies which may occur in their number or in
the presidency
ARTICLE VIII.
SECTION l. In addition to the capital stock of the
company. a reserve fund shall be created, to
sist of all interests received profits realized
loans and Investments. and Of ell amounts OBJ
tanned from other sources than from premiums
From this fund dividends of interest shall be made
to stockholders.
q.
annum PAYABLE semi-annualy if earned. on the
first MoEday in January and July Of each year.
shall be declared on the amount Of stock paid in.
and from the date of its payment; provided. how
ever, that If the amounts received from interest
on loans. Investments. ana other sources should he
found insufficient to pay said interest dividend.
then the deficiency may be made up and paid out
Of the net profits Of the business of the year if the
directors so determine
SEC. B. ANY excess of the reserve fund. after the
payment of the interest dividend above provided
for shall accumulate and shall not be appropriated
mt frDrt In nav
funds of the company. except capital stock and
reserve fund, shall havs been exhausted.
SEC. 4. The net annual profits of the company
shall DO divided as follows, viz:
!. Five per cent shall be carried to the reserve
fund.
2. Ten per cent shall be paid to the Fremens
Charitable Association of New Orleans. for the
support of the widows and orphans and the gen
eral relief system of said association.
3. The percentage which may be required under
section two Of this article
4. The remaining net profits shall be divided
among and paid to the participating insurers CT
Sic ). When the notes of the stock olders shall
have been fully paid there shall be issued to each
stakeholder "a certificate of stock for the amour:
of his. her their subscription. No dividend.
however, shall be paid to any stakeholder whils
there exists in favor of the company any matured
Of any kind against him but al, all
credit of such indebtedness.
SEC. 6. No dividend de cared shall bear interest.
forfeited to the company and passed to the credit
of reserve fund. after the publication of the same
once q week for four weeks.
ARTICLE TX.
The tenure of all officers, clerks and employees of
the said company to their Offices shall be during
the pleasure of majority of the Board of DirectOrs-
At the first met ting Of each new board an election
of all officers OF the company shall be held. The
clerks and employees of the company shall be ap-
pointed by the president subject to continuation
of the Board OF Directors. These conditions shall
be accepted by each officer, clerk and employee as
precedent to all elections appointment to office.
ARTICLE X
SEcrloS /. 1t ehal be the duty of the president
Of the Board of Directors, within the month of Jan
uary OF each year to cause to BIO prepared q full
statement of the business OF the company, which
shall contain:
year, specifying what was received for fire. marine.
river and inland policies.
z The amount of losses incurred during the year,
specifying what amount OF losses have been in
CURED under each of the erent kinds of policies
8. inc amount OF capital, stating the portion OF
the same invested in securities and the nature
thereof
d. The amount of expenses and net earnings Of
the company and IN what those expenses and earn
SIC: }. Each fiscal year shall end on he 'hrty-
first day OF December.
ARTICLE x1
This act of Incorporation may be moi nri a.
tered or amended The capital stock inc,r.scd
diminished; or the said company dissolved at a
general meeting Of the stockholders to be CON
vened for that purpose after thirty days notice,
with the assent Of three fourths Of the stock rep
resented at such meeting. Any and all such mod
i6cations, alterations, amendments or dissOlutions
shall b published and recorded required by
law
ARTICLE Kill
At tho expiration Of this charter or sooner if
ordered by vote of the stockholders representing
thirds Of the capital stock. the affairs Of this
company shall be hquidated, it's debts paid, and
the balance of funds divided among the stock
holders pro rata on the amount held by each of
paid up stock, under the charge and snperintend-
ence of three commissioners appointed by the
Board of Directors for that purpose.
. Thus done and passed at my Oice in the city Of
New Orleans. in the presence of Frederick Zengel
and Frank Mctiloin competent witnesses Of lawful
age, and dOmicated in the said city Of New Or
leans, who hereunto sign their names as such. to-
day and date first afore written; said parties de
clar1ng that they have read the whole of the
above and that their respective interests as
follows, to wit
Original signed
Charitable Association of New rleans;
Volunteer Fire Company No. !:
Fire Company No. 2;
Vigilant Fire Company no. 3;
Columbia Fire Company No. 5:
Mechanics Fire Company No. 8,
Eagle Fire Company No. :;
Phenix Fire Company No. 8:
Creole Fire Company No. 8;
Louisiana Fire Company No 10:
Trad Ferry Fire Company No T.
Perseverance Fire Company No. 10
Fire Company No. II.
Jackson Fire Company No IL;
" ashngtou Fire Company No ~;
Orleans Fire Company No. 81;
Jefferson Fire Company No. ";
;halmette Fire Conn any No. %;
Jrescont Fire Company No. "a;
louisiana Hose Fire Company
!meric IN Hook and Ladder COMPANY No. 2
iope HOOK and Ladder Company No 81
,eiican Hook and Ladder Company No.
Fire Company No.
perseverance No. Is Exempt Society.
ackson No. 10 Exempt Society;
efierson No. u Exempt Society;