The Lafayette advertiser. [volume] (Vermilionville [i.e. Lafayette], La.) 1865-19??, 1912-05-10

0lsSOlVeu, Wnetner by limitation Of
otherwise, its affairs shall be liqui
dated by two commissioners, to be
appointed from among the members
OF the corporation, at a general meet
ing of the members convened fol
such purpose, notice of which shall.
have been given in the time and man
e therein provided for members
meetings, and a majority of the votes
cast shall be requisite to elect. Said
commissioners shall remain in office
until the affairs of the said corpora.
ton shall be %liquidated. In case OF
their inability or the inability of eth.
er to continue, by reason Of death,
resignation or otherwise, the vacan.
cy shall be filled by the election OF
a new commissioner, in the same
manner herein provided for the cleo
ton of the original liquidation COM
m~issiOners.
ARTICLE VII.
This act of Incorporation may be
modified, amended, changed or alter
ed, or this corporation may be dis
solved with the assent of three quar-.
tiers of the members, convened for
such purpose and after notice thereof
shall have been given in the time and
manner herein provided for elections
and members meetings, provided that
a copy Of such notice shall be mail
ed to the last known Post Office ad-
dress of each member, at least for
ty days prior to such meeting.
ARTICLE VIII.
Every person who shall be or be-
come a policyholder of this company
shall be a member thereof during the
time such policy is duly in force and
no longer. Every person who shall
become a member of this corporation
by effecting insurance therein shall,
the first time such insurance is af-
fected, and before receiving the poll
cy therefor pay the rates required
by the company thereon. No mem
Der shall be liable for the contracts,
faults, losses or expenses of this cor
pOration beyond the amount of pre-
MUM which he may agree to pay the
said corporation.
The Board of Directors shall, on
the first business day of January
1914, or within sixty days thereof,
and annually thereafter, cause a
and annually thereafter, cause a
statement to be made of the affairs
of the company; and if, after paying
all losses and expenses of the said
company, and providing for outstand-
ing risks for the year preceding
same, and providing for all reserves
and other liabilities, there remains a
surplus, each member shall be EMIT
led to such a proportion of the said
surplus as the cash premiums paid
by such members may bear to the
aggregate surplus SO declared; the
statement SO made shall be binding
upon all persons entitled to receive
certificates as hereinafter mentioned,
for the proportionate share of each
member SO ascertained, a certificate
shall be issued declaring him or
them to be entitled to such a portion
of the accumulated capital of the
company, such certificate or certif-
Gates to be construed and governed
as hereinafter mentioned; but no GER
tificate shall be redeemed or paid off
until the surplus over and above all
other liabilities, contingent or other
wise, shall amount to two hundred
thousand dollars. Whenever said
surplus shall exceed two hundred
thousand dollars the excess shall be
applied from year to year toward the
Of each years certif-
Gates in whole or in part, but the Ger.
tificates of any subsequent year are
not to be redeemed until those of a