New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1866-08-07
CHARTER.
CHARTER OF THE FACTORS AND
TRADERS
INSURANCE COMPANY,
OF New Orleans.

OF New Orleans.
STATE OF LOUISIANA, PARISH or ORLEANS
En all man by these presents that We the undersigned,
s are hereto subscribed Corpdrators, do hereby
@ our elves and such others may become
ts5 itb "a BY subscription purchase transfer
SION Cooperation under the general law of this State
upon che following spnlatons to govern the same as the
i ARTIcLB FIRST.
The doicil of the Corporation is hereby established in
the city Of New Orleans Parish of Orleans State of Louisi
THE FACTORS AND TRADERS INSURANCE COM
1t sha commence business en- or about the FIRST day of
September 1866 and shall exist for twenty-five ftom the
dated and settled up by order of othrds the votes of the
it shall have seal ana the device upon the same shall
be the insignia Justice with the name Of the Company
1hs fTssl@ePt in his absence the Vice President
| tons in all suits against the Company.
ARTICLE SECOND. ....
The objects and purposes of this Company declared
% make IasS5s 5 Dwelling Houses Stores and ether
| erty against los or damage by Fire.
To make Marine Insurance upon Vessels Freghs Steam
Exchange Commissions Profits Bank Notes and other cyl
make all and every Insurance appereinng connected
with Marine Or Inland Transportation Risks.
To cause themselves to be rrinsured against any Risk
upon which they have made or shall make Insurance
THIRD
The Capital Stock of this Company hereby fixed at
ing it to Three Millions divided into shares of One Hundred
article d sfS cRar
andred ThoasaSd pors shah bSvs been ssBserbed but
| each fiscal year shall end on April Goth.
paid i G and ne transfer Of sss than one a share
| assuminr iii indebtedness tbereon A''N'' '4
Transfers Of Stock shall be made the books Of the
company at ts once IN he city o. New orleans only but not
while any indebtedness to the Company exists the part of
In addition to the Capital Stock of the Company con
ngent fund shall be created to consist Of gu interest re-
received from other than premiums From this fund
a as th f q the Company Sys
At the close OF the fiscal year after deducting the
Of per shan be declared on tie amount Of the stock
paid in and from the date Of s payment at such time the
sh9nd be found insufficient to pay the said interest then the
5sESs s be e aqe up and PAID q he Prods Of
These dividends shall cover participation in the profits
sectioa2 s''s = s.sis'. p'V''s'1 4 N Il ~ \
Any excess Of the flnd after payment Of the interest
s eSesp o @ me aST a. 9the5 funds
exhausted and shall always be held protection for the
Thousand Dollars surplus beyond which may appro-
pFated from year the Trustees may deem
ARTICLE FOURTH.
An persons who have subscribed may hereafter sub
before business day o tie Company ten per Cent
Tea Dollars each share in cash, passing their notes well
Ninety Dollars share payable at such times the Board
2 Said shall contain clause tothe effect that if in
fss Judgment e shs lrnsies The necessities S the
shall BE- due and payable IL such sums and such times
thereof published Il the oacai journal Of lie Gy Of New
Orleans provided that less than Thirty Days shall inter
vene between the time Of payment for each nstalment
g. The hon-pay notes. or instruments on same
Company oga @ I'll ai herso3 ah g II
interest OF dement's thereunto belonging provided that tue
may extend said payments for such time IS they
Fc lit foregoing Subscriptions receipts mot transfer
sbe signed b t6e President a secretsy shah bs issued to
sn6seTlbsEs aekposledgng che amount paid cash and
ay on issue Of Certificates Of Stock provided for in Sec
Subscriptions Capital Stock of the Company sub
egnen 70 it's sn be the the
Until the whole Capital Stock is taken up the subsorp-
e ST aaDs IL s
tnree months q eaen nseal year OF the Company
Fl n Sny 1gg3I sun ssp hs amount
her, Or their indsbt- dnss5 10 the Company.
ARTICLE FIFTH,
The eectualy to carry objects and purposes
Of this Corporanon, il Is hereby decreed
once subscribed Shall nsye Be- used for the Of
the Company Ii have es @ eShaused
whenever i shall have been to any portion
OF the Capital Of the Company the liquidation losses
otherwise dividend shall be declared paid until said
whatever sources derived shall be reserved until the Capital
That Ill dividends declared as provided for in Article III
and j. Section OF Article of this Charter made
asss Of be ses g p4ogdeS bat ne
demo sas PC paid while there exists any matured indebted
whatever kind against the holder same shall
be passed to The credit Of said in until satisfied
year the annual statement shall be made np to April SON pre
cedng inclusive in the following manner to wit: Show
Marine risks, each dedncting Ihereom the amornt Of
paid Fire, River Marine risks each reinsurance
return and cash return less savings The balance
hs gsanfe 5e ny Y provided or in Section
then remaining snail be divided among the Stockholders o. t6e
Company rata the premiums by
shall not IN any one year exceed n FIVE of the