New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1866-08-04
CHARTER.
CHARTER
...... ..........CIIARTRR
-OF The
COMMERCIAL INSURANCE COMPANY.
STATE OF LOUISIANA, /

STATE OF LOUISIANA
BE IT KNOWN that on this third DAY Of July in tue year
OF our l'H e oh RBE EPH a Ny in
and for the city of New Orleans and state aforesaid uy com
mssoned and qualified and in OF the witnesses here
matter named and undersigned,
Personally came and appeared The parties whose names are
the provisions OF the laws of this State rruve the Ogan
Mt and otber nnrrosas tbev have cUyented and AGREED
and hereby and and bind themselves and
hereby establish corporation body corporate ortue objects
and purposes and under the title obligations stpu ATOMS aud
regulations following to-Tit:
ARTICLE FIRST.
The name and title OF the Company shall be 1.-THE CONNER
in the city Of New ana oG " mercy ] f
twenty ye years from the date OF organization shall com
corporate seal having for device Commerce and for an
aet tue name Of the Company and the date OF this
SECOND
Section The objects and purposes of tie Company are
l. 10 make assurances pron dwelling houses stores cotton
property, against loss or damage BY fire,
2, To make assurances upon ships and seaEOing vessels
steamboats, and all other vessels freight goods bills Of
exchange and other evidences Of debt commissions profits
bullion money and against al M rtmo and inland trans
porAon rs bottomy respoDdenta interests in other
words to effect fire marine, river and inland insurance. of
any kind Whatsoever with privileges OF exercising all or
The Company may itself rensured against any
risk upon which it shall have made insurance.
and all citations and other legal process, shall be
SIC s. The Board OF Directors shall have power to invest
from time to time the money and capital Of the Company in
situated within the limits OF the parishes Of Orleans and
Jeron which every sh. be deemed worth at least
double the amount loaned thereon
They may also profits of the Company any
STATES this State of the corporations Of this State
city Or make any loans on pledge o. any OF the aforesaid Sc
distribution If nett earned premiums Tor the current wear
They shall have power dispose Of mortgages obtained by
OF security, Of toe pledged for security Of property
ed purchased public sale upon judgments orders Of
seizure obtained BY sGd Gqmpan or 2ny pTopeTy movable
or mmoyabe which may have ueen pledged or abandoned to
SAID Company or oT me operations Of II business
~ Inv XIII banE w sne gy I skr ScttYp iri
recty deal trade IN buying selling movable mmovabe
property goods wares mercbande provided also that
baGg o e papos Il sS IL ec
They shall tiS the coLpsnsaQn +. The o5asrs clerks md
Company and shall also have 81 ~ vacancies which
may occur in their uun.ber or IN the Presidency
They shat have power adOJ such rules regulations and
laws them shall the tbe bust
with the true intent meaning Of this -
SECTION All the corporate powers Of the Company shall
be exercised by the board Of twenty-five Directors to bs
elected from the stockholders provided that after The
eligible WHO does not hold Il NJ mat # his f,
least hy shares which stock shall hgye stood in hs name
three months prior to the election
ARTICLE FOURTH.
SECTION The capital stock Of this Company b hereby
shares OF hundred dollars each subject
to three millions of duas under article twelfth Of this char
$4,000 capital shall be subscribed The stock to be paiC
| as oloWs
the President upon the organization Of the Company for bus
ness the Of FIVE dollars in cash oh snd every -har
subscribed by them and furnish approved by he BonrC
OF Dectnrs TO the order OF the Company for thb remaining
nneyfve dollars payable demand at the office OF Gh
Company at such time and in such the Board
Directors snail determine provided that no calls shall b
made except to pay LOSSES and then by nstlmeus Of
than ten dollars each share period may
agreed upon the Board Directors; further
that calls shall not be made more frequently than
sEc q When an authorized call shall be made upon sh
legal shall be given each Stakeholder such call b.
the Secretary Company Upon failure Of any So
holder pay the due such call maze, and
such ratification the stock owned him shah exposed
sale at public sucon and shonid bring excess
shall be paid to the the legal representatives
owning the stock prior TO the sole
The purchaser Of The aforesaid stock shall be compelled
assume all tTties, such stock notes ETC. held by Tia
| Company against said Sockh ider
The release OF the delinquent Stakeholder from liability
upon his stock notes shall be at the discretion ct the Board
SEC s. That sockholder shan be liable or re
spon0le for the contra is Or a IS OF SAID company IN am
further than the unpaid balance due the company
| the shares owned by him
SEC be transferred unless such transfer
made the books OF the company should any stnckhode
desire transfer his stock previous full payment OF III
having been made shall be permitted to
ute Of the obligations Of the party purchasing provided tn
substituted Obligations are satisfactory to the Board OF D
ARTICLE FIFTH.
SECTION l. The election shall held tn
first Monday of May of each year. vt the office oflhe
such elections shall be given TOR at least
cusye days mmed ey preceding the election in French
| in English and in at least two tue city papers.
SEC q T Board shall appoint three stockholders nspe
tors to preside such elections auy ector
decline fail to attend President shall appoint others
AsrIcLE SIXTH.