New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-03-07
CORPORATIONS.

VVhI UhA llUNCs
| for the purposes OF organization hereinai tt
. | provided for. shall Dc elected annually by th
Board Of Dire ctors, at their first meeting in Febrr
| from the date Of their e'ectOn. and until thei
D | successors are duly elected aad qualified an
shau e1'ohicio, be members Of said Board of d.
SEC B. Until the first election. to be held in tn
month Of December 1873, and until their success
: ! sOrs shall have been duly elected aud qualified
Isaac y. Marks shall be president, and T. Prud
h"mme the vice president Of the said company.
sEc: a. The president shall be- the executive
duct and manage all of its business. under ths
supervision and direction Of the B,ard Of D.
meetings of the Board of Directors and stoc khnld
ers;cause all official notices meetings elections
ance and gener allv do and perform all executive
| acts required for the transaction OF the hu sness
| OF the company He shall b. the proper cf1c Ar
upon whom citations and all legal notices shall be
| 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 functions.
ARTICLE VII.
SECTION |. The Board of Directors shall invest
from time to time. the profits and funds of the
company in bonds or in mOrtsas GU uniucum
the limits of the parish Of Orleans, which said
real estate snail in all cases be deemed worth
least double 'n. the amount loaned thereon.
| SEC. z. They may also invest the profits of the
| company In any bonds or stocks created by and
| under the laws of the DATED States or of this
state Or in bonds stocks Of corporations created
under State laws city ordinances Of the city Of
| New Orleans. They shall also have power TO make
loans pledges of the aforesaid securities on
bonds or stocks or any collateral bill Of lading:
| provided however, that no such investment sh.l
Interfere with the prompt distribution Of 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
seSed to tie nup IN % S OF
previously contracted or purchased ut public sale
| upon Judgments or orders OF seizure obtained by
| sa'd company or OF a.y property. movable or i'm
| movable. which may have been pledged OF ahan-
doned to the said company for or concerning the
operation and transaction of its business Pro-
vlded; however, that nothing herein contained
Shall be SO construed to authorize the said
| pany to discount negotiable paper or to 10 any
other banking business; or either directly or iUd-
rectly to deal or trade in buying selling movable
or immovah,e property, goods, wares or merrhan-
have the right to purchase suitable property or
building for the purpose Of establishing an office
SEC 4. The eaid Board of Directors shall also f. K
the compensation of oifcers clerks aud employees,
, he or employed ~ them il the serv,os Of
vacancies which may occur in their number or in
the presidency.
ARTICLE VIII
SEcrIoN l. In addition to the capital stock of the
company. a reserve fund shall be created. to con-
sist of all Interests received profits realized on
loans and Investments and of all ampuats %.
tanned from other sources than from premiums
A"iiA VI Shall DC MADE
to Stockholders. In
SIC 2 An interest dividend of ten per cent per
annup,. PAYABLE semi.annualiy. if earned, on the
first Monday in January and July of each wear.
shall he declared on the amount Of stock paid in
and from the date OF it's payment; provided. how
ever thai II the amounts received from interest
on loans. Investments, other suurces should bs,
found insufficient to pay said interest dividend.
of the net prois of the business of the year if the
directors SO determine
SEC 3. ANY excess Of the Ieserve fund after the
PAYMENT interest abOvn Add
for, shall accumulate, and shall not be appropriated
except for the payment OF losses a,tar all other
fluids OF tho company. except capital stock and
resei We fund, shall havs been exhausted.
sEc A. The net annual profits OF the company
shall be divided as folio US, viz:
fund.
2. Ten per cent shall be paid to the Firsm ems
Charitable Associauon Of New Orleans. for the
support of the widows and orphans and tho gen
e'al relief system of said association.
3. The percent age which may be required under
section two OF this article.
4. The remaining net profits shall he divided
among and paid to the participating insurers Of
SIC: 5. When the notes of the stockholders shall
have been fully paid there shall be issued t., each
stoCkhOlder u certificate of stock for the amount
of his, her or their subscription. No dividend,
however, shall be paid to any stakeholder whils
there exists in favor of the mpany any matured
Indebtedness OF any kind against him; but all
dividends 50 to be pad shall be passed to the
ere dit OF siiCh indebtedness.
SEC. No dividend declared shall bear interest
ANY dividend unclaimed tor three years shall BE-
forfeited 10 the company, and I'd to til, credit
of reserve unG, after the publication Of tha s;,,na
once week FIR four weeks.
ARTICLE TX.
The tenure of all officers clerks and e,uploy Of
the said company to their Offices shall be d rinp
the pleasure of ajorty of tue Board of Dire ctor
Al tho ii -st m,' ting OF each board an election
OF all otlre's of The company s',al br held. The
clerks aud empioy's of the company shall bs ap-
of the Boa of Directors. These CO dtious shall
be accepted hy G. ell officer, cerk and emp3oye a.
precedent TO all elections Or appointment 10 office.
ARTICLE *
SEcTroN 1. 1t shall be the duty Of the president
Of the Board of Directors, within the month of Jan
ua:y OF each year, TO cause to b. prepared a fin
statement of tho business of the com pauy, which
shall contain
l. Tho amount of premiums received during the
year specifying what WAS received for fire marine
river and Inland policies.
2. The amount of losses incurred during the year
specifying what amount of losses have been in
CURED under each of the different kinds of poicies
). me amount OF capital, stating tho potion Of
the same invested IN securities and the nature
thereof
A. The amount of expenses ard net earnings Of
the company, and in what hose expenses aud earn.
iDgs consist.
SEC. @ Each fiscal year shall end on the thirty.
first day vi December
ARTICLE XII
This act Of Incorporation may be modified nj.
tered or amended; the capital stock increased ar
diminished; or the said comoary iii ,solved AT a
general meeting of the stoekhold srs to be con.
with the assent of three fourths Of the stock ran
resented at such meeting. ANY and n | such nnt
ihcations. alterations, amendments dlssoutions
shall be published aud recorded As required by
law.
ARTICLE XII.
At the expiration OF th,s cnarter, or sooner if
ordered by IL vote OF the stockhoder, representing
two thirds of the capital stock, the tflirs of tbls
com nany shall be hqudaed. its debss paid and
the balance of funds divided among the stock
holders pro rata on the amount held BY each OF
X, IN, sIn t4,d
ence of three comm issOners appointed Ly the
Board OF Directors for til 1t purpose.
Thus done aud passed at my OIL CO in the CITY Of
New Orleans in the preseuc, Of Fredarics NIGEL
aud Frank McGloin competent witnesses OF lawful
age, and domici!lated in the said city ut Now Or
leans who hereun!o 81 gu their names a, such to-
gether With said parties and ms notary on the
day ami date Iii st atOre WRITTEN said parties do
carns that they have read the who 9 Of the
above and that their respective interests are as
follows, to wit
Original signed:
Firemen's Charitable Association of New Orleans.
Volunteer Fire Comps Y No |;
Mississippi Fire Com parry No q
Visilan Fire Company No. 3;
Columbia Fire Company No 5;
Mechanics' Fne Company No. 8;
Eagle Fire Company No. :;
Pho,nix Fire Company NJ. 2:
Creoe Fire Company No 9,
Louisiana FIRE Company No 10;
Trad Ferry Fire Company No u:
Perseverance Fire Company NJ, -
Philadelphia FIRE Company No. H.
JACK son Fire Company No IL;
Washington Fire Company NJ. 20;
orleans fire Company No. 81;
j ffrrson Fire Company No l2.
Chalmette Fire Company No 81
Crescent Fire Comp.ny No p;
Louisiana Hose Fire COMPANY:
a aniyetfe HEX Hook and and Ladder Compeay y, l.
Hope HOOK and I.atd Company 80. B.
p ~ Hook and Ladder Company No
N lneburG Fire Company No
Perseverance, No. - Exem Dt S',cetv.
jackson No. 10 Exempt ;>ocety
Jefferson No % Exempt SOCIETY,":
haiaye aook AID Ladder Company MOL Ex-
einpt Society; "
By their Presidents.
J. N MARKS r. prrnuo.,,p
49, ~ d nh iohi, F. DUDKSIikFER