New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-03-21
CORPORATIONS.

| CORPORATIONS.
provided Tor. shall ~ siseseS annually BY ~ n
Board Of DirseteEs, at their first meeting in Febry
AIRY. They shall hold their Offices Sor one yea
| successors are duly elected and qualified, an
shalI. exofieio, be menbe's OF said Board Of
ssc. J. Until the first election, to be held in tn
| month Of December 1875, and uRtil their succea
sors shali have been duly elected and qualified
M Ma TX saal b prudent: and Prud
SEC T. The president shall DO the executive
omcer Of the company, and shall transact, con
supervision and direction Of the Board Of Di
rectors. He shall sign oil contracts; preside at q
meetings Of the Boeid Of Directors and stockhold
etc, to be PROMULGATED sign ell policies Of insur
| ance. and generally do and perform ell executive
oSts required for The tEsusato1 Of the business
upon whom citations and al legal notices shall bs
| served.
the vice presider shall take his place, act in hii
stead and exercise ell Of his powers and tunctons
ARTICLE VII.
6RcTIoH !. The Board of Directors shall invest,
from time to time. tha profits and FUNDS of the
u IN
the limits Of the parish of Orleans, which said
real estate ehall in all cases be deemed worth at
SEC. .. They may also invest the profits of the
company In any bonds or stocks created by and
under the laws Of the Uaised States. or Of thi;
under State laws city ordinances Of the city OF
New Orlsans They shall also have power to make
bonds stocks or any collateral or bill Of Iadng;
provided. however, that NO such Investment sh all
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
veyed to tie company 10 sstisfsct Of d eb
previously contracted or purchased at public sale
upon Judgments or orders Of seizure obtained by
movable. which may have been pledged or abau-
doned TO the said company for or concerning the
opers'iqn and tra a, OF its business Pro;
shall be 30 construed to authorize the said com.
pany to discount negotiable paper, or to DO any
recty to deal or trade in buying selling movable
or immovable property, goods, wares or merchan.
disc; provided also. that the said company shall
No the right to purchase q suitable property or
Duilding for the purpose OF establishing an Office
SIC. 4. Tho said Board of Directors snail also fix
the compensation of officers, clerks aud en- ployes,
elected or employed by them in the service OF
the company. and shall have full power to fill all
the presidency.
SECTION l. In addition to the capital stock of the
company. . reserve fund shall be created, to con.
stat Of all interests received profits realized on
loans ana Investments and of all amounts o.
tanned from other sources than from premiums.
From this fund dividends Of interest shall be made
SIC. 2. An interest dividend of ten Dor cent Der
annuy1 PAYABLE semi-annualy if earned. on the
first Monday in January Snd July Of each year.
and from the date Of its payment; provided how.
ever, that If 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 net profits Of the business of the year. if the
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
funds Of the company. except capital stock and
reserve fund. shall havs been exhausted.
SIC ha the net snnusl PROFITS of the company
!. Five per cent shall be carried to the reserve
.. Ten per cent shall be paid to the Firem ems
Charitable Association Of New Orleans, for the
support of the widows and orphans and the gen.
ersl relief system Of said association.
s. me percentage which may be required under
T. The remaining net profits shall be divided
among and paid to the participating insurers Of
SIC. S. When the notes Of the stockholders shall
have been fully paid there shall be issued to each
of his, her their subscription. No dividend.
however. shall be paid to any stOckholder while
there exists in favor of the company any matured
dividends 60 to be paid shall be passed to the
credit Of such indebtedness
SEC. 6. No dividend declared shall bear interest.
Any dividend unclaimed for three years shall be
forfeited to the company, and passed to the credit
Of reserve fund, after the publication Of the same
once well for four weeks.
ARTICLE TX.
The tenure of all officers clerks andiemployes Of
he pleasure of majority of the Board Of Directors
1t the first NEE ting of each new board an election
! an ofiiceIs OF the company shall be held; The
'ointed BY the president. subject to confirmation
u the Board Of Directors. These conditions shal
10 accepted by each officer, clerk and employe as
PRECEDENT to all elections appointment to Office
ARTICLE x.
SEcTIos l. 1t shall be the duty nf the president
1.-THE Board Of Directors, within the month of Jan
lory OF each year, to cause to BE- prepared q full
tatement Of the business of the company, which
!. The amount OF premiums received during the
ear, specifying what was received for fire. marine,
2. The amount of losses incurred during the year
pecifying what amount of losses have been in /.
urred under each of the different kinds of policiee
3. The amount Of capital, stating the portion Of
hereof
4. The amount Of expenses and net earnings of
he company, and in what those expenses and earn.
SIC. q Each fiscal year shall end on the thirty.
rst day of December.
AhA1CLE al.
This act cf Incorporation may be modified. al
Unfinished; the said company dissolved at a
eneral meeting of the stockholders to be con.
ened for that purpose, after thirty days notice,
esented at such meeting. Any and al such mod |
ications, alterations, amendments or dssolutions
hall be published and recorded as required BY |
w.
ARTICLE XII.
At the expiration Of this charter, or sooner il |
rdered by vote of the stockholders representing
wothirds Of the capital stock. the affairs Of this
he balance of funds divided among the stock
olders pro rata" on the amount held BY each OF |
aid up stock under the charge aud superntend.
nee of three commissioners appointed by the
GARD of Directors for that purpose
Thus done and passed at my Office in the city Of
ew Orleans. in the presence of Frederick Zengel
nd Frank McGlOin, competent witnesses Of lawful |
ge, and domiciliated in the said city of New Or. |
ans who hereunto sign their names az such, to.
ether with said parties and me notary. on the
~ and date first afore written; said parties de. |
sr1ng that they have read the whole OF { he |
oove and that their respective interests are as
Original sighed:
remen's Charitable Association Of New Orleans;
olunteer Fire Company No. l;
ississippi Fire Company No. 2;
i2ilant Fire Company No. 3;
Olumbia Fire Company No 5:
echanics Fire Company No. 6:
agile Fre Company No. :;
hgnix Fire Company No..
reOo Fire Company No 9; !
Duisiana Fire Company No. 10:
ad Ferry Fire Company No. IL;
srseverance Fire Company No. 10;
Fire Compauy No. IA;
lcksOn Fire Company No 10;
ashingtOn Fire Company No. 20;
rleans Fire Company No. 81;
ffersOn Fire Company No. 90
palmetto Fire Company No. %;
resent Fire Company No. "a;
,uisians Hose Fire Company;
Ifsyette Hook aud Ladder Company No. l.;
nerican Hook and Ladder COMPANY NJ, d
,pe Book and Ladder Company No. 3;
ican Hook and Ladder Company No.
lneburg Fire Company No. I;
rseverance No. ID Exempt Society;
Oh aon M ixaxnn& Soo,o4u- L