The south-western. [volume] (Shreveport, La.) 1852-1870, 1866-09-26

- known that on this, the Isl day Of September, il
the year Of Lord thousand eight hundred anG
stIts-siE before .ic, Samuel Marshal Chapman, No
tary Public u ard for the parish Of Caddo stat,
aforesaid, duly commissioned aud qualified. and iii tbs
presence OF the witnesses hereinafter named ard under
signed personally and appeared the parties
whose names are hereunto subscribed, who declared
that awaiting themselves of the provisions of the laws
Of this State, relative to the organisation of corpora
lons IN this State for works OF public Improvement
and other purposes they have coyeuaated 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
body corporate, for the objects and purposes and
der the title, obligations, stipulatons and regulations
following, to wit
ARTICLE J.
!. The name and title of the Company shall be the
South estern Mutual Insurance Company of Shreve
port, and its domic is hereby established in the city
Of Shreveport 1t shall continue and exist for twenty
FIVE Years from the date Of organisation It shall com
mence operations Immediately on organisation. Ii
shall have corporate seal having for device South
ern Enterprise and for inscription the name of the
Company, and the dale of this act.
ARTICLE IL
J. The objects ard 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 or damage by fire I'd, to make Insurance
upon ships and sea-gJng vessels, steamboats, and all
other vessels, treghs, goods, bills Of exchange, and
other evidences Of DEBT, commissions, profits, bullion
or money; and against all maritime and inland trans
p9rtati0u risks botOmry and re5gonGenta interests
IN other words, 10 effect fire, marine, river and inland
insurance Of any kind whatsoerer with privilege OF
exercising all either of said purposes The Com
pauy may itself 10 be reinsured against any risk
upon which il shall have made insurance.
2 The Company shall sue and be sued il 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 to invest
from time 70 time the money and capital of the Com
pany ~ bonds and mortgages on unIncum5ered and
improved real estate situated within the limits Of the
parishes of Caddo DeSoo and BoSsier which in every
shall be deemed worth at feust double the amount
loaned thereon They may also invest the profits Of
the Company in any bonds stock created by or I'M
der the laws Il the United States of this State or
Of the corporations Of this State city make any
loan on pledge Of any 81 the aforesaid securities bonds
stocks, any collateral bills Of ladng Dr0giIsi
this investment shall interfere with prompt disri-
button OF net earned premiums for the current year.
They shall have power TO dispose of mortgages OBJ
tanned by way q security or OF stock pleged for
Iity Or Of property conveyed to them in satisfaction of
debts, previously contracted or purchased at public
sale upon judgments order of seizure obtained by
said Company, or Of any property moveable i'm
movable, which may have been pledged or abandoned
to sad Company for concerning the operations Of
It's BUSINESS but nothing herein contained shall be 50
construed as to authorize the said Company to discount
negotiable paper to do any other banking business
nor, either directly Indirectly deal trade in buy
ing selling movable or immoveable properly goods
wares or merchandise; pr0CldeI akSo that the COmpa-
ny shall have the right to purchase property build
ing for the purpose Of establishing Office therein.
They shall fix the compensation u tie officers clerks
and employees elected employed by them in 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 Compa
ny py0cjae3 the shall not conflict with the true
intent and meaning of this act
ARTICLE III.
J. All the corporate powers Of the Company shall be
exercised by the Board oeeYen Directors to be elected
from amongst the stockholders Pr0C5ded, that after
the election Of Directors for organisation, stock
holder Shall be eligible who does not hold in his name
that of his firm at least fifty shares which stock
shall have stood in his that Of his firm on the
books of the Company for at least three months prior
to the election Seven Directors and the President
present at any meeting shah constitute quorum for
business
ARTICLE "
]. 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
be increased to million Of dollars under Article
XII Of this Charter and il is hereby authorised
commence business az soon as Three Hundred Thou
sand Dollars capital shall be subscribed The stock to
be paid as follows:
TIE subscribers to said stock shall paw into the hands
Of the President, upon the organisation of the Com
pany for business the 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 Tor the remaining uiaety five dollars,
payable demand at the Office Of the COMPANY at
such time, and in such manner the Board OF Direc
rectors shall determines PT0Eidsd that calls shall be
maze EACeL Inen DIV instruments OF
not more than ten dollars each share, such period
as may be agreed by the Board of Directors; uua
Pr01ae3 jlrtber, that calls shall not be made fire.
qucutlv than once in thirty days.
2. When authorised call shall be made upon the
stockholders for any portion of their stock notes due
and egd notice shall be given to each stakeholder OF
such call by the Secretary Of the Company. Upon the
failure Of amy stakeholder to pay the amount due
such call, made, and after such notification the
stock owned by aim Shall be exposed for sale public
auction, and should it bring sum in excess of the
e OF lp Sal py
shall be paid over to the person. legal representa-
tyes, owning the stock prior to the sale The pur
chaser Of the aforesaid stock shall be compelled
sumo all the liabilities, such stock notes &c. held
by the Company against said stakeholder. The release
Of the delinquent stakeholder from liability upon his
stock notes shah BE at the discretion of the Board OF
Directors
8. That no slockhoder shall ever be held liable or
responsible for the contracts faults of SAID Company
in any further than the unpaid balance due to the
Company the shares owned by him
4 NJ stock shall be transferred, unless such transfer
be made the books OF the Company. Should any
desire to transfer his stock previous to full
Tayment Of the same having bcen made, he shall be
permitted TO do b. substitute Of the obligations Of
the party purchaalng-pr the substituted obi
cations satisfactory to the Board Of Directors.
ARTICLE Y.
l. The election of Directors shall be held the first
Monday Of june of each year at the cce Of the Conn
pany. Notices Of such elections shall be given for at
least ten consecutive days Immediately preceding the
election, in at least two Of the city papers.
2 The Board shall appoint three stockholders Inspee
tors to preside at such elections, and if any Of said In
spectors decline fail to attend the President shall
appoint others TO act in their stead
ARTICLE VT.
j. The FIRST Board Of Directors shall consist Of tile
following stockholders, to-wit
D. j. ELDER, B. NJ. JOHNSON,
GEO. WILLIAM on, r. D. SALE,
3. WwHERsPoOE, T. H. NORRIs
a. j. STACEY, w. L. HAMILTON,
b. H. kNswoRTHY, JAS. j. PHELPS
and Il. WALSH.
9 They shall continue Office until the first Monday
in June, A. D. eighteen hundred and sixty seven, or
until their successors in office shall have been duly
elected and qualified, and the Directors elect in each
Board shall take their seats the first Monday Of June
Of each year thereafter, Of, in the event Of failure
elect at the first election first Monday after due
election.
ARTICLE I II.
!. in all elections the vote shall be by ballot and
those stockholders receiving plurality of the vote of
the stock represented shall be considered duly elected
and n the event Of election taking place the day
aforesaid the President shall order another election
take within ten days thereafter and give notice
of the same aforesaid
2 Each stakeholder shall be entitled either in person
by proxy to for each and every share which he
she they may respectively hold; provided that no
individual firm shall be allowed to vote more than
two hundred shares III his own name that Of his
firm at any election for Directors Of the Company.
ARTICLE VIII
!. The officers of the Company Shall consist of
President Vice President, and such other officers us