New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-03-05
CORPORATIONS.

1 -
for the purposes OF organization az her mater
PROVIDED cs1 for, shall De elected annually y the
ary. They shall hold their office for one year
from the date Of their election. and until thei.
successors are duly elected and qualified, and
snaIl, e1-Ofhcio, be members OF said Board of d.
SIC 3. Until the first election. to be held in the
month Of December 1875, and uaul their success
| s0rs shall have been duly elected and On Allied.
Isaac y MARKS shall be president. and T. Prud-
| hcmme the vice president of the said comp any.
| SEC L. The president shal be the ex ecutive
| officer of the company. and shall transa CT con
| duct and manage all of its business, und err the
| supervision and direction of the Board of Di-
rectors He shall sign all contracts; presi de at all
erscause all official moi ices OF meetings I'll ections.
etc, to be DrOmul gated; sign all policies of nsur
| ancs. aud generally do and perform all ecutivs
acts required for the transaction ths usiness
| Of the company. He shall b, the proper officer
upon whom citations and all legal notices shall be
| served
SEC. S. In case Of the absence of the president
the vice rreside' shall take his place. act in his
stead aud exercise al! of his powers and functons-
| ARTICLE VII.
SECrIoN |. The Board Of Directors shall invest.
from time to time. the profits aud funds of tho
company in bonds in mortgag on un incum-
bered and improved real esta'e, situated within
the limits of the parish of Orleans, which said
real estate shall in all be deemed wort tn 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 Usi'ed States, OF of this
State or in bonds or stocks Of corporations created
under State laws city ordinances of the city of
New Orleans. They shall also have power TO make
loans GA pledges of the aforesaid securi ties on
provided. however, that no such investment shah
Interfere with tho 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 or
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
salu company or OF aoy property. movable or I'm
movable, which may have been pledged or Abau-
doned to the said company for Or concerning the
operation and transaction of its business. Pro
viaed; however, that nothing herein contained
shall be so construed to authorize the said COM
pany to discount negotiable paper or to 10 any
recty to deal or trade in buying selling movable
or mmcvah!e property, goods, wares or merchan-
disc; provided. also. that the said company shall
have the right to purchase a suitable property or
building for the purpose Of establishing an Office
therein.
SEC j. The said Board of Directors shall al 40 fix
the compensation of Oficers, clerks and mpoyes
elected or employed by them IN the service OF
vacancies which may occur in their mum Der or in
the presidency.
ARTICLE VIII.
SECTION l. In addition to the capital stock Of the
company. reserve fund shall be created, 10 con-
sst OF all interests received OR profits realized
loans and Investments, and of all amounts Ob-
tanned from other sources than from premi ums.
From this fund dividends of interest shall be made
to stockholders. q.
SEC ,. An interest dividend of ten per cent per
annUrl, PAYABLE semi-aunually, if earIed the
first Monday 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 thai II the amounts received from interest
on loans, investments, ana other sources should be
found insufficient to pay said interest dividend.
then the deficiency may be made up and paid out
of the profits Of the business of the ear if the
directors so determine.
SEC ;. ANY excess of the reserve fund, after tie
payment Of the interest dividend above provided
for shall accumulate, and shall not be appropriated
except for the payment of losses ter all other
fur ds of the company except capital stock and
rtsei We fund.- shall have been exhausted.
SIC: 4. The net annual profits OF the company
shall be divided as follows, viz;
l. Five per cent shall be carried to the reserve
fund.
Charitable Association of New Orleans, for the
support of the widows and orphans and the gen
eral relief system of said association.
3. me percentage which may be required under
section two of this article.
4. The remaining net profits shall be di vided
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
stakeholder a certificate of stock for the amount
Of his, her or their subscription. No dividend,
however, shall be paid TO any stockholder while
there exists in favor OF the company any matured
Indebtedness of any kind agtirs! him: but all
dividends SO to he paid shall be passed to the
credit of sucn ind-bt edness
SEC. q Nc dividend declared shall bear interest.
ANY dividend unclaimed for three years shall be
of reserve fund aft er the publGatiol the same
once a week II 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 II st III" ting of each new board election
Of ii! Officer Of the company shall be held The
clerks and employees of the company shall he ap.
pointed by the president, subject con ,mat ion
OF the Boa ii OF Directors. Tuese con diions shall
be accepted by each officer clerk and employee as
prtce TO III elections or appointment 70 pfice,
ARTICLE K.
SECTION l. H. shall he the duty IF the president
orthe Board of Directors within the mouth of Jan
nary ut each year, to Cause to ba prepared a fulI
statement at the business of the com oany which
shall contain:
|. The amount OF premiums received during III,
year specifying what Wacreceived for fire. marine
river and inlaNd policies. "a ~y.
2. The amount of losses occurred during The year
specifying what amount OF losses have been in
CURED under each OF the different kinds of policies
5. The amount of capital, stating he portion OF
thereof.
H. The amount of expenses and net eanioss of
the company and in what those expenses and earn.
SIC; ,. Each fiscal year shall end on the thirty
first day OF December.
ARTICLE XII.
This act Of Incorporation NAV he rnodifed 81,
tered amended the capital stock iucreaqed ar
diminished; the said comnan7 di ssolyed #
general meeting of the stockholders To be Goa.
veDrd for that purpose, after thirty laws uolicc
with the assent Of three fourths of tn STOCK REQ
resented al such meeting Any and q ! such mod
ifcatioBs, alterations, amendments or dissolutions
shall be Published and recorded as required by
law.
ARTICLE XII
At the expiration of this charter or sooner #
orie red by vote of the Stockholders raurnsentiug
two thirds OF the capital stoc the atf,rs of this
company shall he l!qudatcd. its deb IS pa i'd and
the balance OF funds divided among the stock
holders pro rata Oh tho amount held by each of
pad up stock, under the Charge aud sIipe rintend
ence OF three commissioners appointed By tho