New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1866-08-24
CHARTER.
gsmARrER OF THE FACToRs' AND
TRADERS ..
INSURANCE COMPANY,
or New Orleans.
- = 1orrsIAn.. PAnIsa o. onLEANs.

among onfreit est anu suGn oecoue hosV
Ion Cooperation under tho general law Of this State
gpea the following sfpnlaons to govern the same the
Charter Of the said Corporation;
ARrtG1R FIRST
The domc Of the Corporation hereby established in
the city Of New Orleans Parish Of Orleans State ouis
THE FACTORS AND TRADERS INSURANCE COM
II shah commence business on or about the rs day Of
September 1866 and shall exist for twenty-five years from tbs
dste settled mp BY order Of twohs the votes OF ths
1t she have seal and the device upon the same shall
oe he Insignia Justice with the name Of the Company
The President or in his absence the yce-Presideu
shall be W nroe officer upon whom to serve cita
SECOND
The objects and purposes of this Company declared
il 10 make insurance on Dwelling Houses, Stores and other
buildings Household Furniture Merchandise and other prop
IT. make Marine n eage ~ ,po vessels Fr,
boats Goods Wares MERCHANDISE Specie, Bullion Bills OF
dsnces d Debt Boory and Respondents Interests
make ~ and every Insurance pnett9ppg 60 or connected
nT 70 e5ge to g ,nared ssans! any Kk
ARTICLE THIRD
l. The Capital Stock of this Company hereby fzaa at
ONE MILLION OF DOLLARS with the privilege Of incress
heFeafer pr6yided for in Article Fourth u tbl5 Ghafter
? The Company may business Three
Hundred Thousand Dollars shall have subscribed
s. Certificate Of Stock shall BE until the
paid in full and transfer of less than full share per
med at the pleasure Of the Trustees the ansieree
assuming all Indebtedness thereon.
Company office the city New Orleans only
while indebtedness to the Company exists the
8 In addition the Capital Stock Of the Company,
tngen fund shall be created to consist of all interest
ceiyed- profits loans and and Of all amounts
received from other than premiums From this fund
paid dividends y nee shah 6a made e socEhod
AT the close Of the fiscal year after dedueting the ex;
Of per cenSshail declared the stock
trustees may direct provided That contingent fund
should b found insufficient to pay the said interest then the
Thess dividends shah cover all participation in the profits of
Company exeepas hereinafter provided for in Article $
Of he fund after payment of the interest
dividend above provided for shall accumulate and shall ba
except Tor the Of after al other funds
exhausted always be held as protection for the
Thdusand Dollars the surplus beyond which may be
printed from year to year as the Trustees may deem
ARTICLE FOURTH
AL persons who bays subscribed, q heEsafter sub
Ten Dollars each share in cash passing their notes well
Or Ninety Dollars per share payable at such times as the Board
2 Sad notes shan contain clause tohe effect that
the Judgment of the Trustees the necessities OF the
sha 81 due payable in sums, such times
sFas published i IL lie o Sf q a liz g u nG NsW
Orleans provided that not less than Thirty Days shall inter
d Tie Of said notes sr instaleits on same
above provided for Shall forfeit tie entire the
Company together with all accumulation thereon and all
interest benefits tereuno Belonging provided that the
Trustees may extend said for time as they may
For Vie foregoing subscriptions receipts mot transfer
ae amount Psd il cash and
pay On issue q Certificates Of stock provided ori ses
G sa5scptons t. lie apita stock If the Germany sub
aaqnsn to It's be upon the tesns
Ua The whole Capital stoeEis taken up TIE subscrip-
ton Bopk IaE9an open or new sgsserioSrs
three months Of each iiscsi yenr Il tiie Company
stockhoder shall nauy be made liable for the
lis sT 81 bsH s1sscrpons u lie Capital soul md S
her, or tleir indebtsdness to the Company. ~
,..r4,+s 4RricLE FIFTH
Ihs eaee.aaliy ont the and purposes
That the Capital # the Company, q any portion thereof
ence subscribed shall never be used for the liquidation 81
losses or or any ether purposes NATL all the other aiable
resources Of the Company been exhausted
the Capital o the Company or rs 81 o5se or
otherwise dividend shall be declared or paid until said
sources derived, shall be until the Capital
B That an dividends declared as provided for in AeIe1I
and in Section Of Article Of this Charter shall made
cash discretion IF the Trustees provided that ne dT
dend shaft be paid while there exists any indebted
Of Whatever kind against the holder but the same shall
be passed to the credit Of said Indebtedness until satisfied
year the an1ua abs made up to April sb pre
eedng inclusive, iz the following manner witt Show.
Marine risks each dedueting therefrom the Of
paid on Fire River and Marine risks eacS Reinsurance
return premiums, and cash return less savings The balance
this BALANCE he eeency sny provided for IN Section
As IN P @ ThsT mgst s be ahsa he balance
Company rata the amount premiums by each
SHAH not any one year exceed seventy i've er cent Of the
Capital Stock Of the Company held BY each the thirty
Cent shan be carried u tie eTedt IF hc con one
ngent fund.- and provided further that less than
DOLLARS fractional
divided but that all such shall be carried credit
s. That DIVIDEND declared shall bear interest and chat any
n o me term o three years from the date
cd Of the fund after the publication Of
ofsse City q New Orleans ~ TUG
8 That parties insuring with the Company who are not
Trustees may from time to time determine and that
any further participation the profits or tie company az
PROVIDED for IN section ofthis article Of the Charter
the rnles and regulations from time time adopted by
g That within the month May 1867 and every year there
atser the President slA tausetO be statement OF the
aree and the To be published 1t least two
KS IF M om r oe T9 M ct
which N cash and The portion thereof invested in securities
Of the President Secretary and shah BE- conclusive
and binding upon al persons interested.
lfvst ssaseag asaRgIuLE srxTH., a1
All the corporate powers of the said Company shah be
exercised b Board It Trustees and such eihar officers and
clerks 5, g they may ~ sgpoint !, 4,
me Board o. trustees shall consist of twenty five persons
basiness elected the Monday in April az each
year such place the New Orleans the Board
Trustees shall designated of which e President shall
least fourteen days previous notice TO be given In of the
public newspapers printed in said city The Board of trustees
shall appoint three or the stockholders OF the corporation
spsetor define ortto attend ths PRESIDENT may appoint
others to iill such vacancies
second Monday atsr the election and to hold
the same one year sreom until others elected in hsir
Those recsivng plurality Of votes shall be con.
the day aforesaid the President shall another election
place within days thereafter and give notice
se BY In one more of newspapers
The Board Of Trustees shall annually at their frs meet
election, be eoco Of the Board OF Trustees and
they shall hold their Offices until their successors are elected
the Board Of Trustees meetings Of the stookhoderl
the company, and shall conduct the business 81 The com
The yceesiden shall preside AZ the meetings Aforesaid
In the absence Of the President and IN his absence shall sign
the policies Of the eOnaphny.
Iha Trustees shall z the compensation OF all officers
clerks employed or elected by said company.
They shall invest he profits Of the Company FROM time
time Hereinafter provided for They shall have power
agopt Bylaws they may deem necessary and
for the andregulaton of the Company
contrary to this charter to the Of the legislature Of hl
ratons approved March 10Th, lSS and March 18th 1855
q Mcpherson shall be Trustee Of this Company who doe
Office hold N name or in tie Of The commercial
nrm Of which he be member at least ten shares of tn
II Eac and every Stakeholder shan be entitled at election
either ~ person or ~ proxy 10 vote each and
h1e q the capital stock which he she they may respect
lively hold hn not to vote any stock him, then
transferred within three months prior TO said election
ARFIcIr sEYKNra.
i shall Be lawful for the Trustees to invest tho capita
stock and other monies othe Company In bonds ana norf
gases on real eate ~ the parishes Jefferson