New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1866-08-04
CHARTER.
FSHARTnR OF THE FACTORS AND
TRADERS
INSURANCE COMPANY,
OF New Orleans.

dins s organSaion Of GcTporaCns and have agreed
upon the following sapulstions to govern same the
Charter of the said Corporation:
ARTICLE FIRST.
The demc 9f che Corporation is hereby established \
THE FACTORS AND TRADERS INSURANCE CON
1t shall commence business about the fret day Of
date of this Charter its affairs hond be sooner qqi
dated and settled by order OF twohd OF the votes OF the
II shall have seal and The device upon The same T shall
The President Or in his ssenso the yics President, or
| ttons in al suits against the Company.
.. ARTICLE SECOND.
The objects and purposes of this Company are declared
l. 10 make Insurance on Dwelling Houses Stores and other
buildings Household Furniture Merchandise and other prop
erty, against los. damage by Fire
To make Marine Insurance upon Vessels Freghts Steam
boats Goods Wares MeFehaRdsq Specie Bullion B's Of
Of Debt Botoury and Respondents Interests and to
make all and every Insurance apperIanng to or connected
s To cause themselves rensured against any Risk
upon which they have made shall make Insurance.
THIRD.
The Capital Stock Of this Company is hereby fixed at
ONE MILLION OF DOLLARS with the privilege Of increas
ing it to Three Millions divided into shares Of One Hundred
hereafter provided for in Article Fourth Of this Chartor
The Company may commence business Three
Hundred Thousand Dollars shall have been subscribed but
3 No Certificate Of Stock Shall issued until the is
paid in full aid transfer of less than full share per
asa s s ii thereon s
Company at its Office in the city Of New Orleans only
while any Indebtedness to the Company exists on the part Of
In addition 70 the Capital Stock of the Company con
tnsent fund shall be created to consist Of all interest
received from other than premiums From this fund
paid diydends 81 intefest shan Be made e sochodes
penses etc from TIE contingent fund al interest dyidend
Of ten cent shall be declared the amount Of the stock
rustees may direct provided that if the contingent fund
1
These dividends shall cover all participation in the profits
the Company except hereinafter provided for in Article
Any excess Of tile fund after payment Of the interest
dividend above provided for shall accumulate and shall be
sag an 1Ge e SsP s .oE S% 1aEg of
Thousand Dollars the surplus beyond which may be appro
pedient '''-1 ''"' - ''" 'Ns A'0'''S' D-"'
ARTICLE FOURTH. ..
Al persons who have subscribed or may hereafter sub.
before business day Company per cent
DoaFs on eaGh S6a IN fssn 1e Itl
Ninety Dollars share payable at such times as the Board
- Said notes shan contain clause TO- the effect that if in
Compaas require it, these notes Or any portion Of them
shall be due and payable in such sums and such times
thereof published in the official journal Of the City Of New
Orleans provided that less than Thirty Days shall inter
vene between the time Of payment for each nstament
The Of said notes instalments same
Company together with al aecnmu alton thereon and al
interest DenehtS bhereunO belonging provided that
trustees may extend said payments for such time as they may
signed by t6s aud Secretary sha Be issued
Re ga m al amount Psa n Gash and
pany on issue OF Certificates Of stock provided for in Sec
Subscriptions TO the Capital stock Of the Company sub
to its snail be upon the Same terms as the
s. Unt the whole Capital stockis taken up the subscrp,
5iHaP e aag
three months OF each fiscal year of the Company.
he hla
81 hSaRT IL 5 e KS g a afP so hS a b
! her, or their indebt. dness to the Company.
ARTICLE rtrrH.
The eecuay carry the objects and purposes
\ of This Corporation, il is hereby deCrsed:
subscribed shall b used he quidation Of
resources of The CoDa6y haIl have bsa rst ehassd
Whenever shall have been necessary any portion
ba be Or p OF un sa
whatever derived shall be reserved until the Capital
s. That ali dividends declared as provided for in Article III
and in Section OF Article of this Charter shall be made
70 he or their legal in
dend shall be paid while there exists any atred indebted
be passed the credit Of said aebtsdnsss until satisfied
va. q That wain 69e aonth IF may in each a9d every
eeding, inclusive in the following witt Show.
Marine risks each dedqcting beofro1l the amonnt Of
same not termlnRtea = Showing tae amount of losses
return premiums and cash return less savings The balance
h balance The de8cency m m s he n ssc60
Article III Of Thu Charter fret be taken the balance
Company rata on thu amount Of earned by each
baIl MY IL any one aa sy s Zoe noun So aqea
Capital Stock the Company held by each the thirty
per cent shall Be Carried c the credit Of the
Ten poa nor any aet6pa Darts of T Of S ia e 5 f
divided but that AL such shall be the
s. That dividend declared shall interest and that any
declared shall be forfeited to lie C6rp,y and carried 10 tbe
credit of the contingent fund after the publication of the
once week for four weeks uccessvey the Official JourDa
| Of tins City of New Orleans
THAT parties nsuring with the Company who are not
there may receive such cash return the
Trustees may, from time to time, determine, that any
to any further participation in the profits of the company
T6at i9 ali prenipns sbaIi i III ns
the rules and regulations from time to time adopted by
That within the month of May 1867 every year there
after the President sha eause to be made statement tbs
net profits Of the Company prpydea fr in section of th
article and shall the be published in least
the assets of the Company dsngu hing the portion of
which in cash and he portion thereof in securities
oath Of tho President and Secretary and snail be conclusive
| and binding upon all persons interested
ARTICLE
All the corporate powers of the said Company shall b
exercised by Board of Trustees and such other officers
clerks as they may appoint
Seven OF Th9m shall FORM quorum for the transaction
year at such place ii the d Of New Orleans al tie Board
Trustees shall desgnae Of which the President shall
public newspapers printed city The Of rasteo
shall appoint three of the stockholders OF the corporation
spector TO preside at spch elecons if any of said
spector decline fail to attend the President may appoin
others to fill such vacancies.
The Board of Trustees thus elected 10 take their seat
the Monday in June after the election and ho
the year therefrom until Others elected in hei
| stead.
Those pesons receiving plurality votes shall be con
sic @ d guy ,5 5 pe gte 81 no ese'E Skn ptac
to take within ten days thereafter notice
by advertisement in Of the public
published In the city
The Board Of Trustees hall annually at their Rrst meet
ing elect President and Vice President who shall thei
election, be exuco members OF the Board Trustees
they shall hold their Offices until their
and qualified Tho Pre- dent shall preside at all meetings
Board Of Trustees and ut the meetings s0ckhoer
OF the company, and shall conduct the business the
generally under the supervision of Board If trustees
in the absence OF the President and in his absence shall
the policies OF the company,
The trustees snail tx the elton Of officers an
clerks employ ed elected by said comp ny.
g. They shall invest the profits of the Company from time
time hereinafter provided for They shall have power
such bylaws they may dorm AIRY and
nenI for the and regulation of the Ompauy
contrary this charter the Of the legislature
state providing Tor she organization and regulation of
rations, approved Ma CHI 18TH 1913, and Mar 18th 1855
g. No person shall be Trustee of this Company who doe
no time Of his election, and during contiuanca
office hold In his name in the of commercial
firm Of which he may be MEMBER at least ten shares of tn
capital stock thereof
10 Each eyey Stakeholder shall be entitled at election
either IN person or proxy 70 one vote each and
share of the capital stock which he she they
lively hold but not TO stock him or Their
Transferred within three months por to said election
ARTICLE SEVENTH
l. II shall be lawful for the Trustees to invest the capita
stock other OF the Company bonds and NOR
cages on rea estate the parishes OF
the shall tie worth twice the
thereon They also invest the capital stock and ohe