New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1866-08-13
CHARTER.
CHA RTER.
QUARTER OF THE FACTORS AND
TRADERS
INSURANCE COMPANY,
Of New Orleans.


| STATE OF LOUISIANA, PARISH ORLEANS:
Know all by these PRESENTS that We the undersigned
whose hereto subscribed Corporator do hereby
catod with u.s. BY subscription purchase transfer or
sion Cooperation under the general law of this State pro
ydng for the organization Of Corporations have agreed
gPGn the following sgg!aions to govern the the
FIRST.
The a9me Of the Corporation Is hereby established
ne eS 81 Aw S9hIS IaEAsn ~ dreams state q Louis
THE FACTORS AND TRADERS INSURANCE CON.
1t shall commence business about the first day of
September 1879 and shall exist for years tsom the
dated and settled up by order of word of the votes of the
be the insgn. Justice with the name Of the Company
The President or in his absence the Vic President
lions in all suits against the Company.
The objects and Of this Company declared
e. make Insurance Dwelling Houses, Stores and other
Srty aains os OF DAMAGE by Fire. u 0'ls' prop
To make Marine Insurance upon Vessels Fetghts Steam
boats Goods, Wares Merchandise, Specie Bullion, Bills of
Exchange Commissions Profits Bank Notes and other evil
make every Insurance appertanne to or CONNECTED
with Marine or Inland Transportation Risks
B. To themselves to be reinsured against Risk
upon which they have made or shall make Insurance
ONE MILLION OF DOLLARS with the privilege Of nefeas
ing to Three Millions divided into shares of One Hundred
here Provided for IN Article Fou ' Of F Ills chafter
Hundred Thoaa2d D5rs Shall have Tesn Subscribed 6s
each FISCAL year shall end on April 10Th
paid II full and no transfer Of less Thru full share per
assuming all Indebtedness thereon.
Transfers Of Stock SHAH be made the books of the
while any indebtedness to the Company exists the part
In addition the Capital Stock of the Company con
uge4 tnd Sha be created to consist Of all interest
eeiyed oprofs on loans AMI investments and ofa amounts
received from other sources than premiums. From this fund
sd dend If SApesse e Company haye been
At the close Of the fiscal year after deucting the
81 tea per cent Shall he declared on tue amount Of the stock
paid in and from the date Of s payment at such time the
should be found insufficient pay the said interest then the
deficiency shall be made and paid OF the profits Of
These dividends shall cover all participation in the profits
Company except as hereinafter provided for in Article
dividend a56ye provided aedaats and Shall not Sc
touched for the payment Of losses after all other funds
exhausted shall always be held as pr5ecton for the
Capital Stock until the same shall amount to Five Hundred
Thousand Dollars the surplus beyond which may be aro
prieed from year to year, as the Trustees may deem
ARTICLE FOURTH,
L Al persons who have subscribed mag hereafter sub
S0e y 4e t&pi stock Of this Company shall pay
zen Dollars on each share in cash passing their notes well
Ninety Dollars per share payable at such zines 9 S he BSa
~ Said notes shall contain clause the effect that if in
ne 9e Jaagnent q Tue Trustees the necessities Of the
| GOlpaLg require IT, THESE notes. portion
shall b. due and payable ia such sums and at such times
as the Trustees may determine, after thirty days notice
Orleans provided that less than Thirty Days sba inter
Tx RSween 5ne time Of payment for each nstament
as above provided for shall forfeit the entire stock to the
interest benefits thereuno belonging provided hat tho
trustees may extend said payments for such time they may
Fer The foregong sn6scrptens receipts, transfer
aote signed o toe President 81 Secretary shall De
notes wen which rsg sba III III aTgnt Psa ia cash and
o fnr5
Subscriptions the Capital Stock of the COMPANY sus
seqnen to its organization snail the is the
g. gnt the whole Capital Stock taken up the subscrp
be vs GoA If "a oPs9 o
three months each fiscal year Of the Compauy
z No Stakeholder shall any made liable for the
h her heir subscriptions o The Capital STOCK and his
her, or their indebt duess to the Company
ARTICLE FGFrH
The eaectusly carry the objects and purposes
mat tAe Capital Of the Company any portion thereof
once subscribed shall never be used for the Liquidation
Losses or iSr any other purpose until all the other available
o. te company shau haYe been first exhausted
Of The Capital Of the Company liquidation losses Or
losses shall be made good out all earnings profits from
whatever sources derived shall be reserved until Capital
Tngt al dividends declared provided for in Article III
paya5e 70 tns stoekhode or their legal Representatives.
saG e discretion Of the Trustees provided that dvi
ness Of whatever kind against the holder but the same shall
% sH4 teepLenneSs until SATISFIED.
!. lhat within the month Of May, in each and every
year the annual statement shall be made April 3Oh pre-
eedng inclusive, in the following manner, to witt Show
Ing the amount Of premiums received Fire River and
not terminated T. Showing the amount S a' of osse
paid on Fire River and Marine risks each reinsurance
WI show the net profits on premiums the year From
Article IL of th Charter must first be taken the balance
then remaining shall be divided among the Stockholders
paid in whinthe year provided that the 50 divided
N any one year exceed heventy five per of the
Capital st0ckot the Company held by each thirty
Sr csnt NH ana Lhe. any surplus oyer the
tinge1t fund and provided further that less than
zen dollars nor any fractional parts of Tens ODoars shall
If nv Gua ma a such sums snail be carried to the credit
That dividend declared shall bear interest and that apv
5dend Unclaimed for the term OF three years from the
credit OF the contingent fund after the publication Of the same
once week for four weeks successiyeyn the Official Journal
That parties insuring with the Company who are not
TruSees may time to time determine and thai ~ a nS
stockhoieT receiving said cash return shall all clam
provided article g p h BE company as
That all premiums shall be due payable in cash under
the rules and regulations from to time adopted by the
That within the month of May 1867 and every wear there
ae hf Preeht sba cause to De made statement the
article and shall I same to be- puTRed in al sa 81 iR
q the city papers for one month together with OF
%heh in cash and The portion in securities
oath of the President and Secretary and snail BE- conciv
and binding upon all persons interested
SIXTH
All the corporate pc ers of the said Company shall be
exercised by Board of Trustees and such other officers and
clerks as they may appoint.
The Board FTrusteas shall con list of tyen FIVE ersons
Seven Of whom shall form quorum for the transaction Of
OnsineS5 TO be elected on the Monday April each
at such place the ci oil Orleans as ta Boord M
at least fourteen days previous notice in two Of t
public newspapers printed sad city The Board Of Trustees
shall appoint three OF the stockholders Of the cOrposaon In
spectors to preside at such eecion if any Of said In
spetoEs decline fail attend the President may appont
ethefs to fill such vacancies. - ff
The Board Of Trustees thus are To take their seats
me eeone Monday IN Jane after the election and hold
stead. " ''
Those receiving plurality of votes shall be con-
dered duly elected, In the
the day Aforesaid the President shall cause another election
take place within days thereafter and give notice Of he
same by advertisement in othe
published in the city.
The Board of Trustees hall annually at their 6rs mat
ing, elect President and Vice President who SHALL on their
election be eHGco members Of the Board OF Trustees and
the shall hold hei7 Offices until their are elected
the Board Of Trustees and the meetings the
OF the company and shall the business Of the
generally tnde the supervision the Board Of sees
The NcePresdent shal preside neeprs aforesaid
in the absence Of the PRESIDENT and in his absence shall sign
the'policies of the company.
The Trustees shall fix the compensation of I'll officers and
clerks employed or elected by said cemp7ny
g. They Shall invest the profits the Company from time tn
time hereinafter provided for They shall have power to
such by Laws as they may deem airy and conye-
nent Tor the government and regulation Of the company not
contrary 10 this charter or to the of The legislature of
State providing for the organization and regulation F
cations, approved March 10Th, 1913 Marrh 18th 1856
D. No person shall be Trustee this Company who does
not at the time OF his election ard during his
drm OF which he may be MEMBER least shares Of til,
capital stock thereof
10 Each and every stokhoden shall be entitled Mt elections
either in person or by proxy each and ever
share of tue capital stock which she cy thew NAV