The south-western. [volume] (Shreveport, La.) 1852-1870, 1866-09-12
CHA r r
SOUTH VI ESTERN MUTUAL INSURANCE
COMPANY OF SHREVEPORT.

- known, that this, the LIST day of September in
the year of Lord one thousand eight hundred and
siXty-six, before me- Samuel Marshal Chapman No
tary Public, in and for the parish of Caddo, State
aforesaid duly commissioned and qualified and in the
presence OF the witnesses hereinafter named and under
signed, personally came and appeared the parties
whose names are hereunto subscribed, vino declared
that awaiting themselves of the provisions of the laws
of this State, relative to the organisation of corpora
tons in this State for works of public improvements
and other purposes they have covenaned and agreed
and do hereby covenant and agree, and bind them
selves and those whom they NAV represent to form
and establish and do hereby establish corporation or
body corporate for the objects and purposes and IN
der the title, obligations stpulations and regulations
following, to wit
l. The name and title Of the Company shall be the
South estern Mutual Insurance Company Of Shreve-
port and its domcil is hereby established in the CITY
Of Shreveport 1t shalt continue and exist for twenty
five years from the date Of organisation It shall com
rnence operations Immediately organisation. 1t
shall have corporate seal, having for device South
Enterprise and for an inscription the of the
Company and the date Of this act.
ARTICLE H.
l. The objects and purposes Of the Company are
hereby declared to be- LIST, to make assurances upon
dwelling houses, stores cotton presses and every other
description of buildings household furniture goods
wares, merchandise, machinery, and other property
against loss damage by fire ID, to make insurance
upon ships and seagoIng vessels, steamboats, and all
other vessels, freghts goods bills of exchange and
other evidences of debt, commissions, profits bullion
money; and against all maritime and inland trans
in other words to effect fire. marine, river and inland
insurance of any kind whatsoever, with privilege of
exercising all or either Of said purposes The Com
pany MAY itself TO be reiusured against any risk
upon which it shall have made insurance.
2 The Company shall sue and be sued in its corpa-
rate name aud all citations and other legal process
shall be served upon the President Of the Company
g. The Board of Directors shall have power 10 invest
from time time the money and capital of the Com
pany in bonds and mortgages on unincumbered and
improved real estate situated within the limits of the
of CaGdo )pSOtO and boSSipr win in
case shall be deemed worth at least double the amount
loaned thereon. They may also invest the profits of
the Company in any bonds stock created bv or un
der the laws the United States, of this State or
of the corporations of this State city, or make any
loan pledge OF any of the aforesaid securities bonds
or stocks or collateral or bills of ladiug; Dpril
this investment shall not interfere with prompt dstr
button Of net earned premiums for the current year
They shall have power to dispose Of mortgages OBJ
tanned by way of security, Of stock pleged for
ritr, or OF property conveyed to them IN satisfaction Of
debts, previously contracted purchased public
sale upon judgments or order Of seizure obtained by
said Company, Of any property movable or i'm.
movable, which may have been pledged or abandoned
to sand Company for concerning the operations of
its business but nothing herein contained shall be so
construed to authorize the said Company discount
negotiable paper to do any other banking business
nor either directly indirectly deal trade in buy
ing or selling movable or mmoveable property, goods
wares or merchandise pr0rideA aiso that the Cumpa
ny shall have the right to purchase property build
ing for the purpose of establishing office therein
They shall fix the compensation Of the officers clerks
ana employees elected or employed by them the
vice of the Company and shall also have power to fill
all vacancies which may in their number or in
the Presidency. They shall have power to adopt such
rules, regulations and bylaws TO them shall seem
best for the transaction of the business of the Conpa
nv prorded the same shall not conflict with the true
intent and meaning OF this act.
ARTICLE III.
/. All the corporate powers Of the Company shall be
exercised by the Board eleven Directors to be elected
from amongst the stockholders: gr2rt{e4 that afte-
the election Of Directors for organisation no stock
Ipl,l shall Glr t,4
or that Of his firm at least fifty shares which stock
shall have stood in his name or that of his fir on tile
books o the Company for at least three months prior
to the election. Seven Directors and the President
present any meeting shall constitute quorum for
business
ArrIctp ~
!. The capital stock of this Company is hereby fixed
at Five Hundred Thousand Dollars divided into five
thousand shares of one hundred dollars each subject
to be increased to one million of dollars under Article
XII of this Charter and it is hereby authorised to
commence business as soon as Three Hundred Thou
sand Dollars capital shall be subscribed The stock to
be paid as follows:
The subscribers to said stock shall pay into The hands
of the President upon the organisation of the Com
many for business the sum of five dollars in cash on
each and every share subscribed by them and furnish
notes approved by the Board of Directors to the order
of the COMPANY for the remaining ninety five dollars
payable on demand at the office of the Company, at
such time and in such manner as the Board of Direc
rectors shall determine; g0zte that no calls shall be
made except to pay losses then by nstamcnts Of
not more than ten dollars on each share at such period
as may be agreed on by the Board Of Directors; and
pyoCida fjt5er that calls shall not be made more fire.
'quently than once in thirty days.
.. When authorised call shall be made upon the
noS S 3 P@3@ a aeb ssS i
such call by the Secretary of the Company Upon the
failure of any stakeholder to pay the amount due on
such call, made, and after such notification, the
stock owned by him shall be exposed Tor sale at public
auction, and should IT bring sum in excess of the
called for and expenses of the sale said excess
shall be paid over to the person. or legal representa-
I,rIor IN tbn Thn