New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1866-08-10
CHARTER.
QUARTER OF THE FAcTORs' AND
TRADERS
INSURANCE COMPANY,
OF New Orleans.
STATE or LoulsrAsA, PARISH OF ORLEANS:

sion corporation under the general law Of this State pro,
vdng for the organization Of Corporations and have agreed
CHARTER Of the said Corporation:
FIRST
The domIeil Of the Cooperation is hereby established in
ne CITY o. New re1gs Parish ct Orleans state OF 5onS
ana and II a De designated and known under the name of
PANY.
It hall commence business m or about the first day Of
date Of this Charter unless its affairs should be qui
dated and settled up by thirds Of the the
stockholders
It shall have seal and the device upon the same shall
be the insigni Justice with the name of the Company
upon the margin,
Secretary sha be h proper e ueon whom to ssTvs s or
tions in all suits against the Company.
ARTICLE SECOND.
The objects and purposes of this Company are declared
l. 10 make Insurance on Dwelling Houses Stores and other
buildings Household Furniture Merchandise and other prop
erty, againstlo or damage by Fire,
boats Goods wares Merchandse Specie Bullion Bills Of
Exchange Commissions Profits, Bank and other eyi.
denes Of Debt Bottomry and Respondents Interests and
make a and every appertanipg to or connected
To themselves to be rrinsured against any Risk
upon which they have made or shall make Insurance
THIRD
l. The Capital Stock of this Company is hereby fixed at
ONE MILLION OF DOLLARS with the privilege Of ncreas
t. e " pS eq mt a a aes f ons
hereafter provided for Article Fourth of this Charter
Hundred Thousand Dollars shall have been subscribed
each rs 1sesl year shall IL end On april 18th
paid in full and transfer Of less than full share per
assuming all Indebtedness thereon
Transfers Of Stock shall be made the books of the
Company at its office in the city of New Orleans only
while indebtedness to the Company exists the part
In addition the Capital Stock of the Company, con.
tngent fund shall be created to consist Of all interest
ceyed Of profits loans and investments and Of all amounts
received from other than premiums this fund
after The current expenses Of the Company have been
At the close Of the fiscal year after dedurting the
se per cent Shall be DECLARED on Tie amount Il the stoe
paid in and omh date of its payment ting
Should Sc found insufficient u pay tie said interest," then The
deficiency shall be made and paid Of the net profits Of
These dividends shall all participation the profits of
sc except T hereinafter provided for il article
dividend above provided for shah accumulate Shall not
touehed except FOR tue payment of losses after all other funds
exhausted and shall always as protection for the
Gaptai St9ek until TIE same shall amount Five Hundred
hoassnd Dollars the surplus beyond which be appro-
patea from year to year, as the Trustees deem
ARTICLE FOURTH
scribe to the Capital Stock of this Company shall pay on or
Ten Dollars share in cash passing their notes well
approved to the Company for the remaining ninety per cent
OF Trustees may determine - y
Said notes Shall contain clause to the effect that it, in
Company require il these notes any PORTION Of them
a. the Trastees may deteTnine after thirty days notice
Orleans provided that noE less tran Thirty Days Sian inter
vene 6stween theft II payment for each nstament
above provided for sha orfet the entira Stock to tbs
Company together with all uation thereon all
interest benefits hereunto belonging provided that the
may extend said for such time they may
4 For the foregoing subscriptions receipts mot transfer.
signed BY the President Secretary shall be issued to
notes given which receipts shall surrendered to the Com
op ssue u Certificates Of stock provided fo Sec
Subscriptions to the Capital Stock the Company sub
70 lEs snail be upoh the same terms as the
Until TIE whole Capital STOCK is taken up, the subscrp
e shan be closed u stockhSder5 during tSs ast
three months Of each fsell year Of Tie Company
4 M Stakeholder shall any event be liable for the
lgsses Of the Company il Larger n than tie amount If
her their indebtl dness III company -
ARTICLE rIFrH
The ectually carry ont the objects and purposes
OF abs s! Corporation 20 i is hereby deereed
once subscribed, shall used for the iaudaton Of
Of tie Company h have been r exbapsed
shall have been necessary any portion
otherwise no dividend shall be declared paid until Said
losses shall be made good; all earnings profits from
whatever sources derived shall be until the Capital
and IN Section Of Art Gle Of this Charter shall be made
@ s u g[ their legal in
lene snah PC paid while there exists any indebted
pc passed to the credit Of said until satisfied
& that winin me mouth Of May, in each and every
eeding Inclusive il the following manner to wit: Show
Marine risks each dediet1e Rsso on Fi s Ver a1d
same not terminated 2 Showing The amount of iosses
paid on Fire River and Marine risks each reinsurance
e.un premiums and cash return less savings The bsisnee
M show the net profits on premiums for the year From
Article lli Of th Charter must st taken the balance
company pro RITA the earned premiums by eac
,aid in year provided that tbe amount SO divided
capital Stock Of the Company held by e4ch Oh the
evenly cent shall BE- 10 he credt IF be con
genl nnd and provided further that Of less than
9yge put that all such sums shall be carried to the credit
That dividend declared shan bear interest and any
aend 9heasd Ter the term Of three years from the date
redt Of the fund after the publication Of the same
r. week io four the Journal
Thai parties insurng with the Company who are not
mere D. may receive such cssh return the
ockhoi receiv said cash return shall all claim
rovi6sd form section 4 tbs article Of the Charter
le rules and acquisitions from time to time adopted by the
der the President sha canse made statement Of ts
y profits Of The Company provide section Of this
the city mouth together with statement
ch IN cash and he portion m
a the nature thereof This publication shall under
q Of the Fresiden and Secondary and shall be conclusive
i'd binding upon all persons iAEeiested
ARrIcrE SIXTH.
An the corporate powers of the said Company shall be
eTcised by Board Of Trustees and such other officers and
he Board o. Trustees shall of persons
wen " Whom shan form quorum for the TRANSACTION Of
st such place the CT New Orleans as the Board Of
nsees shall designate Of which the President shall cause
least fourteen days previous 10 be ven in two Of the
bile newspapers printed 10 city The Board Of rustee
al appoint three Of the stockholders the corporation In
e s o. a. ssea sc9ns ang i any Of said In
The Board Trustees thus elected are to take their seats
the econ Monday IN June after the election and to hold
same one year therefrom until others elected in heir
Those receiving plurality Of votes shah be con-
Tered duly elected In the event 81 no election taking place
the day aforesaid the President shall election
TAKE psce Wthh ten days thereafter and give notice OF the
me y advertisement in Of the public
The Board of Trustees ,hall annually at their first meet
e. eees FtsideE and Vice President shall on their
ecuen 20 exbeo members Of the Board Trustees and
shall hold their Offices their successors are elected
ID The Pre- ident shall preside at all oF
Board Of Trustees the meetings of the
the company, aud shall conduct the business OF the com
generally, unuer the supervision Of the board n
Tho shall preslue ne the meetings
the absence Of the Pfesueht and in his absence Shall sion
e policies OF the company. -- ''s'- |
The trustees shall fix the compensation OF all oa1ea.s and
srks employed or elected by said comp ny. M
ihey shall invest the pros Of the Company time to
such by Laws they may neues airy and conye
cut for the regulation of the company
nsSy 70 ms charter or to the aces q heegsat6re Of this
~ pfosalg or the and regulation of corpo
ons approved Mach 10Th, 1913 and Mar'h 18th 1855
Y Nepers9n shall be Trustee Of this Company who does
~ az tie time OF his election, and during his continuance in
nee hod in his in TIE the Commercial
Of WHICH he may be member at least ten shares of th
Eseh and Stakeholder shall be entitled at elections
s ~ OF proxy 70 Que vote on each and every
Wv 6d bst ot ss9e a. which be she Or they MAY
s'eE'eui WITHIN three months prior to said election
ARTICLE sEvRSrH
shAa se lawful ior the Trustees 20 invest the capital
Ssss M esne monies OF the Company bonds and mort.
amount not exceeding one nall Of ths cansI stn sn IN
herson Tep shal We worth twice the loaned