New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-03-06

CORPORATIONS.
Tor the purposes Of organizations - her einatte
provided for. shall - elected annually BY II
Board Of Directors at their first meeting in Fesru
efy. They shsll hold their Offices for one yea
from the date of their election. and until she
successors are duly elected and qualified. ane
snatI, exofhcio,b be members OF said Board Of Di
SEC; 3 Until the first election, to be held in tn,
month of December 1875. and until their success
Isaac \. Marks shall be president, and r. Prud
h"mme the vice president Of the said company.
. ssC: =; The president shsd be the executive
duct and manage an Of its BUSINESS una or the
supervision and direction Of the Board Of Di-
meetings of the Boa,d of Directors and stoc khold
er1csuse all efcial notices OF meetngs Gle ctions
ETC. to be promulgated; sign all policies Of insur:
acts required for the transaction the business
| of the company He shall b the proper officer
served.
SIC. $. In case Of the absence Of tho president
the vice presidert shall take his place. act In his
stead and exercise all Of his powers and fun ctons
ARTICLE VII.
SECTION l. The Board of Directors shall invest
from time TO time the profits and funds Of the
| company in bonds or in mortgages on unincum-
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.
d
company In any bonds or stocks created by and
under the laws of the UEited states, or Of this
under state laws or city ordinances Of the city Of
New Orleans They shall also have power to make
loans GA pledges Of the aforesaid securi ties on
bonds or stocks or any collateral bill of ladng
provided, however, that no such Investment shall
| 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 or
stocks pledged for securities, or Of property CON
fha In tfufa atI NJ Hnht
previously contracted or purchased 1T public sale
upon Judgments orders of seisure obtained by
movable. which may have been pledged or abau.
doned to the said company for or concerning the
operation and transaction Of its business Pro
vlded. however, that nothing herein contained
shall be 80 construed as to authorize the said COM
pany to discount negotiable paper, or to 10 any
other banking business either directly or indi-
recty to deal OF trade i'll buying selling movable
or immovaole property, goods, wares or meEchan.
right to sae
building for the purpose Of establishing an Office
SEC. !. The said Board of Directors shall nj N TX
the compensation of officers. clerks and mpl0yes
elected or employed by them in the service Of
ne sa in to oil all
the presidency.
ARTICLE VIII
SECTION l. In addition to the capital stock Of the
company, reserve fund shall bo created, to con.
siss Of ?. interests sscsvsd Or prSats realized
tanned from other sources than from prsmiums
From this fund dividends Of interest shall be made
SEC. 2. An interest dividend of ten per cent Dor
annum. PAYABLE semi-annually,. il earned. on the
shah be declared on the amount Of stock paid in
ever, that # the amount received from interest
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
a
SIC 3. ANY excess Of the reserve fund. after the
payment of the interest dividend above provided
for shall accumulate, and shall not be appropriated
except for the payment of losses after all other
fluids Of ths company. except capital stock and
SIC 4. Tho net annual profits of the company
shall be divided as follows, viz:
]. Five per cent shall be carried to the reserve
2. Ten per cent shall be paid to the Yrem ems
Charitable Association Of New Orleans. for the
eral relief system Of said association.
The percentage which may be required under
l. The remaining net profits shall be div
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 to each
stakeholder certificate of stock for the am cunt
Of his. her OF their subscription No dividend.
there exists in favor of the company any m atured
Indebtedness OF any Kind against him; but all
credit Of such Indebtedness.
SEC. No dividend declared shall bear interest
Any dividend unclaimed for three years sh all DO
forfeited 70 the company, and passed to the credit
Of reserve fund. after the publication of the same
once . Wee k 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 rst me ting bf each new board an election
of all officers of the company shall be held. The
clerks and employees OF tho company shall be au-
pointed by the president subject to con firmasiOn
of the Boa d of Directors. These conditions shall
be accepted by each officer clerk and emplOye an
precedent 10 all elections or appointment. tOotfce.
ARTICLE x.
SECTION l. It 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 a fun
statement of the business Of the company, which
shall contain:
l. The amount of premiums received during tho
year, specifying what was received for ire marine
river and inland policies
3 The amount of losses incurred during the wear
specifying what amount of losses have been in
CURED under each Of the different kinds Of policies
3. The amount of capital, stating the pOr ton Of
the same invested in securities and the nature
thereof.
the company, and in what those expenses and earn.
iDgs consist.
SEC. 2. Each fiscal year shall end on the thirty
first day OF December.
ARTICLE XII
This act of incorporation may be modified nj,
tered or amended the capital stock increased or
diminished the said company dissolved at !,
general meeting of the Stockholders to be con-
vened for that purpose after thirty days notice,
with the assentO of three fourths of the stock rep
resented at such meeting. Any aud i such MOD
ifcatiOps, ali eratiOns, amendments or dissoutious
shall be published and recorded as required by
law.
ARTICLE XII.
At the expiration of this charter or sooner IL
ordered by vote of the Stockholders representing
two thirds of the capital stock the affairs of this
company shall be liguidated. its debSs 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 superintend-
ence Of three commissioners appointed BIZ tho
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
and Frank McGlOin, competent witnesses Of Lawful
age, and dOmlciliated 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 aore written; said pa ties de-
clarlns that they have read tbs whOe of the
above and that their respective interests are AZ
fO'lewA, to wit
Firenens Charitable Association of New Orleans;
Volunteer Fire COmpA4 No |,
Mississippi Fire Company No 2;
Vigilant Fire Company No. 3,
Columbia Fire Company No. $:
Mechanics Fire Company No 6;
kagle Fire Company No. Z;
Phoenix Fire Comp No: 3:
Creoie Fire Company No. q
Louisiana Fire Company No. 10:
Trad Ferry Fire Company No. IL:
Perseverance, Fire Company No 49,
Philadel phis Fire Company No. IA;
Jackson Fire Company No IL;
Washington Fire Company No. ~;
Orleans Fire Company No. 81;
Jefferson Fire Company No. ~:
Chalnette Fire Company No %:
Crescent Fire Company No. "a;
Louisiana Hose Fire Company;
lafayette Hook and Ladder Company M, /: