New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-03-14
CORPORATIONS,

CORPORATIONS.
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for the purposes Of organization ss hereinatte
81 G sn. ps asna IN
ary. They shall hold their offices for one yea
from the date Of their election. and until thei,
spcS G are duly elected md qualified AND
shall ex'onacio. be members Of said Board Of Di
SEC: Until the first election. to be held in the
month Of December 1875, and until their success
sors shall have been duly elected and qualified
Isaac y Marks shall be president and T. Prud
SIC The president shall be the executive
omcer OF the company. and shall transact, con-
supervision and direction Of the Board V Of Di,
rectors Hs shall sign all contracts; preside at all
meetings Of the Bos'd Of Directors and stockhold-
ers;cause all official notices meetings elections,
ETC., to be promulgated; sign all policies Of insur
ance. and generally do and perform all executive
acts required for the transaction OF the business
of the company He shall b, the proper officer
upon whom citations and oil legal notices shall be
| served.
the vice preside shall take his place. act in his
stead and exercise all of his powers and functions
ARTICLE VII.
SRCTopN l. The Board of Directors shall invest
from time to time. the prodts and lands of the
company in bonds or in mortgages on unincum-
bered and improved real estate, situated within
the limits of the parish of Orleans. which said
real estate shall in all cases be deemed worth at
least double the amount loaned thereon.
SIC. g. They may also invest the profits Of tho
company in any bonds or stocks created by aud
State or in bonds etocks of corporations created
under State laws city ordinances Of the city Of
loans GA pledges Of the aforesaid securities, on
bonds or stocks or any collateral or bill of lading
provided. however, that no such investment shah
Interfere with the prompt distribution Of net
earned premiums for the current year.
SIC 3 They shall have power to dispose of mort
cages obtained by way Of security, or OF bonds or
stocks pledged for aNeuritieN mr. n
veyed to the company in satisfaction OF debts
previously contracted or purchased at public sale
SAID company or of any property, movable or i'm
movable which may have been pledged aban-
' and i Of OF
vided: however, that nothing herein contained
shall be 90 construed to authorize the said COM
other banking business; either directly or indf
rectly to deal or trade in buying or 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
SIC 4. The said Board of Directors shall al 40 fix
the compensation of officers, clerks aud employees,
the company. and shall have full power to fill all
vacancies wbch'may occur in their number or in
the presidency
ARTICLE VIII.
SKCrION l. In addition to the capital stock of tho
company, a reserve fund shall be created to con.
sist Of all interests received profits realized on
loans and Investments. and Of all amounts OBJ.
tanned from other sources than from premums.
From this fund dividends of interest shall be made
to stockholders
SEC. 2. An interest dividend of ten per cent Dor
annuc. PAYABLE semannually, If earned. on the
first Monday in January and July Of each year.
shs be declared on the amount Of stock paid in
ever, that If the amounts received from interest
on loans. Investments ana other sources should b.
then the deficiency may be made up and paid out
Of the net profits Of the business of the year if the
SEC. g. ANY excess Of the reserve fund, after the
payment OF the interest dividend above provided
for shall accumulate and shah not be appropriated
except for the payment Of losses after all other
funds of the company. except capital stock aud
reserve fund. shall have been exhausted.
shall be divided as follows, viz:
]. Five per cent shall be carried to the reserve
.. Ten per cent shall be paid to the Piremen's
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.
a. The remaining net profits shall be divided
SIC. S. When the notes of the stockholders shall
stOckhOlder . 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
dividends to be paid shall be passed to the
SEC. 6. No dividend declared shall bear interest
ANY dividend unclaimed for three years shall DO
forfeited to the company, and passed to the credit
of reserve fund, after the publication of the same
once week for four weeks.
ARTICLE TX.
The tenure of all officers, clerks and;employes Of
the said company to their Offices shall be during
the pleasure OF majority of the Board of Directors
At the hrst me- ting of each new board election
of all officers of the company shall be held. Tho
clerks and employees of the company shall be aD-
Of the Boa d of Directors. These conditions shall
be accepted by each officer, clerk and employee a.
precedent TO all elections or appointment to Office.
ARTICLE K.
SECTION |. 1t shall be the duty Of the president
of the Board of Directors within the month OF Jan
uary OF each year to Cause to be prepared full
statement Of the business OF the company. which
shall contain:
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 policies
B. The amount OF capital, stating the portion Of
the same invested in securities and the nature
thereof.
4. The amount of expenses and net earnings Of
the company and in What those expenses and earn
SEC. 2. Each fiscal year shall end on the thirty
first day of December.
ARTICLE XII
This act of Incorporation may be modified, al
diminished; or the said company dissolved at =
general meeting Of the stockholders to be con-
vened for that purpose, after thirty days notice.
with the assent of threefourths of the stock rep
resented at such meeting. Any and a 4 such mod
iicati0Bs, alterations, amendments or dssolutions
shall be published aud recorded as required by
law.
ARTICLE XII
At the expiration of this charter, sooner il
ordered by "a vote of the stockholders representing
two thirds of the capital stock. the affairs of this
company shall be liquidated. its debss paid, and
the balance of funds divided among the stock
holders pro rata on this amount held by each of
PAID up stock, under the charge aud superintend-
ence of three commissioners appointed by. the
Board of Directors for that purpose.
Thus done and passed at my Office in the city OF
New Orleans in the presence of Frederick Zengei
aud Frank McGloin competent witnesses Of lawful
age, and dOmCiiated in the said city of New Or
leans, who hereuntO sign their names as such, to-
gether with said parties and me- notary on the
day and date first afore written; said parties de-
clsrng that they have read the who of t he
above and that their respective interests
follows, to wit
Original signed:
Firemen's Charitable Association of New Orleans;
Volunteer Fire Company No. l.
Mississippi Fire Company No. q
Vigilant Fire Company No. 3;
Columbia Fire Company No. s.
Mechanics Fire Company No. o;
Eagle Fire Company No.
Phoenix Fire Company No. g.
Creole Fire Company No. 9;
Louisiana Fire Company No. 10:
Trad Ferry Fire Company No. u;
Perseverance Fire Company No b.
Philadelphia Fire Company No. IA;
Jackson Fine Company No 10;
Washington Fire Company No ~;
Orleans Fire Company No. II;
Jefferson Fire Company No. ~;
Chalmette Fire Company No %;
Crescent Fire Comp any No. "a;
Louisiana Hose Fire COMPANY
Lafayette Hook and Ladder Company No. |:
Hope Hook and Ladde Company Nc g.
Pot. Hnak and T..HI