The south-western. [volume] (Shreveport, La.) 1852-1870, 1869-07-28
CHARTER
Planters and Merchants Insurance Co.

Planters and Merchants Insurance Co.
OF SHREVEPORT.
STATE OF LOUIsIANA.-Parisho of caddo=-Be it
~ known that, this day, before me, Charles William
Lewis, Recorder and ex-ofico Notary Public in and
Tor said parish and State duly and
personally and appeared the persons whose
are hereunto subscribed who declare that they do by
these PRESENTS form themselves into corporation the
purposes Of which are expressed H. and which shabe
governed by the following articles:
ARTICLE l.
The name and style of the Company shall be THE
1Ml N &c AND PLANTERS, lNsURANCECoM-
PANY Of Shreveport Its domicil is established in the
city of Shreveport It shall continue and exist from
date Of organisation for twenty-five years and shall
commence operations Immediately on organisation. 1t
shall have corporate seal, having Tor DEVICE Souh
ern Enterprise, and for inscription the name of
the company and date of this act.
ARTICLE IL.
SECTION l. The objects and purposes OF the company
are hereby declared to be- First, to make insurance
upon dwelling houses stores, cotton presses, and all
other buildings, household furniture goods wares and
merchandise and other property, against loss or dam
age by fire. to make insurance upon ships and all other
vessels whether seagoing inland waters
also upon freights goods bills of exchange and other
evidences of debt commissions prohts, bullion or
money, and against all maritime and inland transpor
tation risks bottomry and respondenta interests In
other words to effect fire. marine river and inland IN
surance of any kind whatsoever with privilege OF eS
ercising all or either of said purposes The company
may itself to be reinsured against any risk upon
which it shall have made insurance
SEC 2. The company shall sue ana M pc sued IN It's
corporate name and all citations and other legal process
shall be served upon the President of the Board of D
rectors. --....#a
SEC. g. The Board of Directors shall have power to
invest from time to time the money and capital OF the
company in bonds and mortgages on real estate STU
ated within the limits of the parishes OF Caddo DeSoto
BosSier which in every shall be worth at ieas
double the amount loaned thereon over and above IN
cumberances. They may also invest the funds OF the
company in bonds stock created by or under the
laws of the United States of America or of this State
the corporations of this State or CITY, or make any
loan pledge of any of the aforesaid securities bonds
Stocks any collateral or bills of ladng, provided
this investment shall not interfere with prompt dlstr-
button of net earned premiums for the current year
They shall have power to dispose OF mortgages OBJ
tanned by way of security of stock pledged for Sc
curty of property conveyed to them in satisfaction
of debts previously contracted purchased at pubic
sale upon judgments orders OF SEIZURE ana sale ob
tanned by said company, fanny property, movable or
immovable which may have been pledged or abandoned
to said company for concerning the operations OF Its
business but nothing herein contained shall be SO con-
strued as to authorize the said company to deal or
trade in buying selling movable or immovabie prop
ery goods, merchandise; provided, however,
that the company shall have the right to purchase real
and personal property for the purposes OF its business
The Board of Directors shall fix the compensation OF
the officers, clerks employees elected or employed by
them in the service of the company and shall also have
power to till all vacancies which may occur They snail
also have power to adopt such rules regulations and
bylaws they may deem necessary for the transac-
ton of the business of the company provided the same
SLa not CONNECT WIN True intent medulhS VI
this act. =.
ARTICLE III.
Sec. l. All the corporate powers OF the company
shall be exercised by board of nine Directors to be
elected from the stockholders, provided that after the
election of Directors for organisation no stockhoder
shall be eligible who does not hold in his own name or
that of his firm at least twenty shares, which snail
have stood in his or that OF his frm on the
books of the company for at least three months prior
to the election Five Directors p, esent at any meeting
shall constitute quorum for business including the
President Vice President, the presiding officer
hereinafter provided for.
ARTICLE w.
SEC. |. The capital stock of this company shall be
Three Hundred Thousand Dollars divided into three
thousand shares of hundred dollars each, and the
company is hereby authorised to organise as soon as
one hundred and fifty thousand dollars shall be sub
scribed So, fs---.
Sec Q The stock shall be paid as follows: One dol
lar per share at time of subscribing, twenty dol
lars per share within ten days after the first meeting
of the Board of Directors, and at the SAID time the
subscribers to furnish notes for the remaining sew
enty fve dollars per share, to be approved by the
Board, payable demand to the company at their Of
fee and at such time and in such the Board
of Directors shall determine provided, however, that
an additional twenty five dollars per share shall be
called for within ninety days after sad payment OF
twenty four dollars per share, and thereafter calls sha
not be made oftener than once every sixty days no'
for more than dollars per share at each call
SEC. 8. When authorised call shall be MADE upon
the stockholders for any portion OF their
DUE and ten days notice shall have been given to eact
holder to pay the whole amount due on such cal, Sc
made he shall forfeit to the company his stock and a.
sums paid prior calls, and any and all nterestnt
may have in the company, its dividends and property
provided that the forfeiture herein provided for shall
take place notwithstanding any partial compliance by
any stakeholder with any call or calls made upon him
and provided further that the fact of such forfeiture
shall be published and entered upon the stock books
and shall to the benefit of the remaining stock
holders and the company and provided further, tina
the release of the delinquent stakeholder from abil
n
the discretion of the Board of Directors.
Sec T. No stakeholder shall ever be held liable or re
sponsible for contracts or faults OF SAID company IN
further than his interest therein and the UNPAID
balance due to the company on the shares owned b.
\ him.
Sec 5. No stock shall be transferred, unless sucl
transfer be made the books of the company Should
any stakeholder desire to transfer his stock previous
full payment of the same having been made he shall
be permitted to do so BY substitution of the oblga
ons of the party purchasing provided the substituted
obligations are satisfactory to the Board of Directors
SEC 6. All stockholders shall have the privilege o
paying in the entire amount of their stock IN advanc
of call therefor and whenever dyldena 1 snail
declared each stakeholder shall be entitled thereto
proportion to amount of stock paid in provided ina
stakeholder shall share in any profits or be habl
for any losses except in proportion to the amount
money paid in by him and from and after the time san
payment shall have been made:
ARTICLE V.
SEC. l. The first election of Directors shall be hell
by the stockholders as soon as possible after sum
cient amount is subscribed to effect organisation
and such time and place and in such manner as the
may determine.
SEC .. All elections after the first shall be he'll
on the first Monday in June of each year at the ofhc
of the company Notice of such elections shall b
given at least ten consecutive days Immediately pre-
ceeding the day Of election in at least two OF the cit
papers.
y Sec g. The Board shall appoint three stakeholder
Inspectors to preside at all elections after the hrs an
if any of said Inspectors decline fail to attend, tn
President, in his absence the Vice President, sha
| appoint others to act in their stead.
SEC a. The Board of Directors first chosen shall COZ
. tinue in office until the first Monday in June, A.
y 1870 or until their successors in office shall hay
been duly elected and qualified and the directors elet
in each Board shall take their seats on the hrst VOL
day after election in each year. in the event OF fal
ure to elect at the time fixed heren on the first Monda
n after due election
ARTICLE VI.
SEC |. In all elections the vote shall be by bao
and those stockholders receiving plurality OF vote
of stock represented shall be declared duly elected
in the event of no election the President shall ordt
another, to take place with ten days thereafter, an
y give notice thereof aforesaid. ~
Sec 2. Each stakeholder shall be entitled, either
person by written proxy to vote for each and ever
share which he, she they may respectively helt
provided that individual or firm shall be allowed
vote more than two hundred shares in his own nam
that of his firm at any election for directors OF Il
l.