New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1866-08-10
CHARTER.
{ HARTER. .,.,..,........ ............ CHARTER
Or TuE-
COMMERCIAL INSURANCE COMPANY.
STATE OF LOUISIANA,

STATE OF LOUISIANA
BE IT KNOWN that this third day Of july in the year
BEFORE me- R6BEET j0sEPH KER Notary ,ss Public in
and for the city of New Orleans and aforesaid ruy
matter named and undersigned,
hereunto subscribed who declared that ayang themselves
cation corporations state for works of uubi e
mnt and other purposes they have and
those whom they may form and establish and do
hereby establish corporation bsdy corporate tor objects
and purposes and nnde the title obligations stpuatons
regulations following to-Hit:
FIRST
lompsny its hereby established
in the city OF New Orleans 1t shall continue aud exist for
operations Immediately organisation 1t shall have
corporate seal having for device Commerce. and for
act.
ARTICLE SECOND
SECTION The objects and purposes of tie Company
hereby decaredto he:
l. 10 AXE assurances upon dwelling houses stores cotton
and other description Of buildings household
furniture goods wares merchandise machinery and other
2 70 make assurances upon ships and seagong vessels
esooats ana all other yessss freight goods bills Of
bullion money and against all m rtme and inland trans
poaton rss bottomy ana respondnta interests In other
words TO effect fire. marine, river and inland Insurance.
any kind Whatsoever with privileges of exercising all
1he Company may itself be rcnsured against any
risk upon which it shall have made insurance.
SEC The Company shall and be sued in its corporate
and ell citations and other legal process, shall be
SIG s. The Board Directors shall have power to invest
from time to time the money and capital Of the Company in
ats situated within the limits OF the parishes Of Orleans
double the amount loaned thereon
They may invest the profits of the Company in any
bonds stock created by uudar the laws of United
States this State the corporations this State
city any pledge OF any Of the Aforesaid Sc
curtes bonds stocks any collateral bill o. adng;
Proyded this investment sb all int rere with the prompt
distribution 9uett earned premiums for the current year
The shall have power TO dispose Of mortgages obtained by
conveyed to them in satisfaction OF debts previously contract
e OF A. pno sale upon JUDGMENTS Or orders Of
moTa6e which may have been pledged or Abandoned to
ad for q concerning the operations Of If business
hoze ths sad 9npany f. discount negotiable paper Or 70
recy deal or trade IN buying selling movable mmoyabe
property goods Taes q merchandise provided also that
bqiding fGr the purpose Of establishing Gice therein
d Sa LIZ py Ene t ~ he service 4 the
may occur in their number the TASasidency.
They shall have adootsuch rules regulations BY
ness Of the Company; provided the sa1s shall n nj '
with the true intent and meaning of this act
ARTICLE THIRD
SECTION All the corporate powers Of the Company shall
be exercised by the board Of twenty-five Directors Be
eeSS o among t9 e provided bSt after the
eligible who does not hold in bis that Of his firm
three months prior to the election
Nine Directors present any meeting shall constitute
ARTICLE FOURTH.
SECTION l. The capital stock of this Company is hereby
fixed at million Of dollars divided into thousand
shares Of hundred dollars subject to be Increased
it is hereby authorized to commence business as
as capital shall be subscribed The stock to be paid
The subscribers to the said stock shall pay into the hands
the President the Organization Of the Company for bust
ness the Of five doas in cash ech md every
OF Directors to the order of the Company for the
n'netyfve dollars, payable demand at the Office the
Directors shall determine provided that no calls shall be
made except topay losses and then by nstaments not
agreed by the Board Direefors further
that calls shall not be made more frequently than
sEo. When authorised call shall be made upon the
Stockhoiders for any portion Of their stock notes, due and
he Secretary OF the Com"any Upon the failure of Stock
holder pay the due such cali made and after
such notification the stock owned by him shall exposed
the called for and Of sale excess
shall be paid 70 the Tor the legal Representatives.
The purchaser OF the aforesaid stock shall be compelled to
assume all the iabie suchas stock notes. ETC. held by the
company against Said S0ckh iider
The release the DELINQUENT Stakeholder from liability
upon his stock notes shall be at the discretion the
Directors. ss .4
SEQ 3 That osookhoder shall be held liable or re.
sponble for the contra Gu of said company
Iarher sum than he unpaid balance due to the company
SEC No be transferred unless such transfer be
made the books of he company should any sockhodr
desire TO transfer his stock previous full payment the
same having been made shall be permitted by sub.
sute OF the obligations of the purchasing provided the
TectOr5.
ARTICLE FIFTH
sEcrroN The election Directors shall be held on the
Monday Of Nav of each year AT the oce nF be
Notices OF such elections shall given ten cone
cutye days mmedi ey preceding the election French
IN sEsngIs1 ana IN az least two o. the city papers
tors to preside at such elections and if any OF Inspectors
decline or a to attend the President shall appoint others
AETIoLE SIXTH
SECTION The first Board of Directors shall consist F th