New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1866-08-25
CHARTER.
CvnARTER OF THE EACTORs' AND
TRADERS
INSURANCE COMPANY,
OF New Orleans.
STATE OF LoUrsrlsA, PARISH or oRrEANs'

VA ~"N@F
! sr4rr OF LOUISIANA, PARISH OF ORLEANS:
KnST all s e Gereto subscribed as Copoato hereby
form among elves and such others as may become ssso
son Corporation, under the general law of this State pro-
uosn the following supuations 10 govern the same the
Charter Of the said Corporation:
ARTICLE FIRST.
The domc of the Corporation is hereby established in
the city Parish of Oreaus State of Louisi
The FACTORS AND TRADERS INSURANCE COM
Il shal commence business on or about the first day of
September 1856 and shall exist for twenty from the
date Of this Charter unes its affairs should be qui
dated and settled by order of wOhrd of the votes Of the
It shall have seal and the device upon the same shah
be the insgna Justics with the name OF the Company
The President or in his absence the Vice President
Secretary shall be N proper officer upon whom to serve et
ARTICLE sECoNp.
The objects and purposes of this Company are declared
l. To make Insurance Dwelling Houses Stores other
buildings Household Furniture Merchandise and other prop
To make Marine Insurance upon Vessels Fsights Steam
beats Goods wares SPeS anS eb P yI
dences q Debt Botomy and Kepondena interests and t
WITH Marine "a HS Or ssf inland
upon which they have made or shall make insurance
ARTICLE THIRD.
The Capital Stock Of this Company is hereby axad at
ing Three Millions, divided into shares Of One Hundred
each "a b @ 5 q ne ouq e Of sfS 4 CHATTER ia9
q The Company may commence business soon rs Three
hsass5d sRs RsSs been subscribed but
Cefcate OF Stock shall be issued until the same is
paid in full and transfer of less than full share
ed except the pleasure of the Trustees the transferee
Tra1sfs If StocE shall be made on the books of the
Company its office in the city Of New Orleans only but not
while Indebtedness to the Company exists on the part Of
In addition to the Capital Stock of the Company
oeived Of profits loans and Investments and Of all aount
na m dand " e bm b s made "a Saekbode
At the close Of the fiscal year after deducting the
pense ETC. from the contingent fund an interest dividend
Of cent shall be declared tine amount of the stock
paid in and from the date o. its payment Of such time as the
@ Is F dsr pp1Ntoea I1 aa III pfeIsst then the
deficiency shall be made and paid out of the net profits Of
These dividends shall all participation the profits
the Company hereinafter provided for in Article s.,
Any excess Of the fund after payment of the interest
dividend above provided for shall accumulate and shall not be
touched the of losses after all other funds
amy s5 Rs S - ha 81 for
Capital Stock until the same shall amount to Five Hundred
Thousand Dollars the surplus beyond which be
pedient.
An persons who have subscribed may hereafter sub
scribe the Capital Stock of this Company shall
Ten Dollars share cash, passing their notes well
f. me er the remaining ninety ger cent
H2 Said shan contain clause tothe effect that in
n sq d 4 s ss q any n Po E sac & as
as the Trustees may deenne after thirty days notice
Orleans provided that moi less than Thirty Days a inter.
rene between the time Of payment for each nstalmen
The pay of said instruments same
Is above provided for shall forfeit the entire stock 70 the
interest benefits thereuno belonging provided that the
Trustees may extend said payments for such time as they may
81 ths foregoing subscriptions receipts mot transfer
ahe) signed by The President 4 Secretary shall be issued to
s I'M aoqns Psia u Gfsh ana
ant raaes nj
shbserptons to the Capital Stock of the Company sub
segment its organization snail ne terms the
unti the whole Capital Stock is taken up the subscrp-
lion Book shan remain open or neg sIsseTosrs
| three months Of each fiscal year Of the Company,
No Stakeholder shall in any event be made Table for the
bis Fer or their Subscriptions q The Capital Stock and bis
| her, or their indebtr dness to the Company.
ARTICLE FIFTH.
This eectualy carry the objects and purposes
Of this Corporation il is hereby decreed:
That the Capital Of the Company any portion thereof
once subscribed shall never be used for the foundation o
losses Or any other until all he other available
Whenever it shall have been necessary to use portion
Of the Capital q the Company LIQUIDATION losses
losses shah be made good all earnings and profits from
whatever sources derived shall be reserved until the Capital
s. That dividends declared as provided for in Article III
payable 70 the Stockholders or their legal representatives in
Gene ha oe PAD while there exists any matured indebted
ness Of kind against the holder but the same shall
year th animal bs , ea Mi aa every
cedng, inclusive In the following to wit: Show
ing the amount Of premiums received Fire River and
same not terminated 2 Showing the amount Of losses
paid on Fire River and Marine risks each, reinsurance
viii show the net profits on premiums for the year. From
Article III Of thu Charter must fst be taken the balance
then remaining shall be divided among the Stockholders the
Company pro hs earned premiums by each
pd in within the year. provided that the divided
Capital Stock Of the Company held By each the thry
day fnna saea saf and that any surplus oyer the
ngent iund and further that Of less than
Ten Dollars fractional of Tens ofDoars shall
divided but that all such sums shall be carried to the credit
THAT no DIVIDEND declared shall bear interest and that any
dividend unclaimed tor the term three from the date
credit of the contingent fund alter the publication the
once four weeks excessively in the Official Journa
g. That parties insurng with the Company who no
trustees may nom dine 70 time determine and that any
stocShoder receiving sd cash return shall forfeit all Claim
provided foI section l. ofhis article of the Charter
the rules and regulations from time to tims adopted by the
That within the month Of May 1857 and every year there
ae hs President shs cause to be made q q,
article and shall the same to published in at least two
Of the city for mouth together with statement
which Is n cash and The portion in securities
ath ~ ta prasiant ans ad ai 10 aue Hle
and binding upon all persons interested
ARTICLE SIXTH
All the corporate pc wers Of the said Company shall be
exercised by Board Of Trustees and such other officers and
| clerks as they may appoint.
9he Board Trustees shall consist twenty-five persons
eyen of whom shall form quorum for the transaction
business be elected the Monday April of each
year such place the c New Orleans the Board
rustees shall desgnae Of which The President shall caSe
at least fourteen days previous notice to be given two of the
public printed ia said CITY, The Trustees
shall appoint three of the stockholders Of the corporation
spectos preside at such elecons and If any of said
pectors decline or fail TO attend the President appoint
others to fill such vacancies.
The Board of Trustees thus elected to take their
the Monday in june after the election and bold
the same year hereo until others elected in their
\ stead.
Those persons receiving plurality Of votes shall be con-
dered duly elected In tho event Of election taking place
day aforesaid the President shall another election
TO take place within ten days thereafter and give notice of the
same by advertisement in or OF the public
The Board Of Trustees shall annually at their first meet
Ing elect President and Vice President SHALL on their
elecoD be members Of the Board OF Trustees and
they shall hold ther oces until their elected
and qualified The President shall preside at all meetings
the Board Of Trustees at the the
otthe company and shall conduct the the COM
generally under the supervision of the Board
IN the absence OF the President and In his absence shall su
: the policies Of the company,
. 4 The Trustees shall AK the compensation Of all officers ant
clerks employed or elected by said company.
They shall invest the profits Of The Company from time
time hereinafter provided for They shall have power tt
a1Opt sneh By Laws they deem necessary and
nient for the government and regulation of the Company
contrary to this charter the Of Legislature Of th
State providing for the organization and regulation of
rations, approved March 10Th 8 and March 18th 1855
No person shall be Trustee Of this Company who doe
Office hold in his name the of the Commercial
m which he may DO member, at least ten shares Of tn
4 | capital stock thereof
10 Each and every Stakeholder be entitled ut election
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