New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-10-09
CORPORATIONS,


eighteen huA'dred and seventy, before me, JOSEPH
COhn, q notary public for this parish and city o
New Orleans, dolly commissioned and qualified, ant
in presence Of the witnesses hereinafter named ant
UNDERSIGNED personally came and appeared to.
declare that, avalins tl,enseyee of An act OF the
Legislature Of this State, entitled AN act for the
provement and utility" approved on the fourteenth
Of March, 1855, they do by these presents bind
themselves, and those whom they represent, as wei
as those who may hereafter become mem oers to
form body corporate for the objects and purposes
and under the stipulations following:
ARTICLE l.
The name and style OF this corporation shall Se
Cosmopolitan Mutual Aid Life Insurance AssociS
ton, Of New Orleans"
ARTICLE H.
This Corporation shall be located and have its
domcil in the city of New Orleans. 1t shall exist
TOR OF sh s,H BE- 'ne
the President or the acting President thereof and
the property Association shall at no time ex-
coed the sum OF three hundred thousand dollars.
ARTICLE III.
The object of this association shall be to contract
for the insurance of life to issue policies for life in
surance, and to do all actS relative to that kind OF
visions hereinafter specified. They shall have the
right to reinsure. and when the number OF sub
scrbers shall reach two hundred and fifty the AssO-
citation shall commence operations, make contracts,
sue and be sued. own, purchase, receive by dona.
ton, sell property, movable and immOvable, and
shall have and use II corporate seal
ARlICLE ~.
al, administrative power shall be vested in nine
teen directors, Of whom seven shall form quo.
rum and such other officers and clerks as they may
appoint the directors shall hold their office for the
term OF one year The following persons shall con-
sttute the first Board of Directors, and shall hold
office for one year from the date OF this char
Block, K. Montgomery, Isaac Levi, Jules Cas-
sard, Simon Block, s. Leopold NJ. Stern L. B. Cain.
Leon Haas, Pierre KIopman, Alexander shlenker, A.
Bonnecaze. NJ. L. Navarro and Leon Godchaux. In
the event of q vacancy III the Board OF Directors,
such vacancy for the remainder of the term shall
be filled by the election OF another person by the
Board of Directors. The BOaId of Directors shall,
at their first meeting, elect President Vice
President and Treasurer for the term they them
selves have been elected They shall also elect a
secretary, who shall hold his Office during good be-
necessary to carry on the business of the
association The President shall preside
at ali the meetings Of the Board Of Directors and at
the meetings of the policy holders OF the associa-
ton and shall conduct the business OF the associa-
ton generally under the supervision of the Board
of Directors. The Vice President shall preside at
the meetings aforesaid in the absence of the Presi.
dent and shall perform all the duties devolvng on
the President. The Treasurer shall, before enter,
ing upon the discharge of his duties, give bond
and security for sum designated by said Board OF
Directors for the faithful discharge OF his duties,
said bond to be approved BY said Board OF Dire.
whenever the Board of Directors may deem it re-
quisite.
This association shall be composed Of two classes
of policy holders each separate and distinct from
the other, and shall be designated policy holders
OF the first class and policy holders of the Sc cOnd
class. Females may also become policy holders III
both classes, without the right to vote.
ARTICLE VI.
Every male admitted member of this associa.
tion to the class, designated the first class shall
pay into the treasury between the ages OF sixteen
and thirty years nelusivel the sum of ten dollars
the age of thirty years and up to the age OF
forty years, the of fifteen dollars over the
age of forty years and to the age OF nifty years
the sum of twenty dollars; over the age OF MY
years and to the age OF sixty years the sum OF
thirty dollars. No male can be insured after said
are of sixty years; every female admitted into
the first class shall pay into the treasury
the of five dollars additional over the
previous mentioned rates. and no female shall be
admitted into this class over the age OF nifty years
ARTICLE VII.
Each person admitted a member of the associa.
ton to the class designated as the second class,
shall pay into the treasury, between the ages OF
sixteen to thrty-five wears, the sum OF thirty dol
lars: thirt y-fve years and up to fifty years,
the sum OF forty dollars; after which age no per.
shall be admitted into this class. Applicants re.
siding in the city must have resided so three fun
wears previous to their application. Females over
forty years shall not be admitted 10 member.
ship of the second class. The aforesaid sums OF
money. when paid, shall entitle the policy holder
of the first class to equal to one dollar for
each enrolled member, ana the polcy holder OF the
second class 10 sum equal to five dollars for each
enrolled member payable to his or her eSal repre-
sentative or assigns within sixty DAYS after the
receipt OF certified evidence OF death OF the pohcy
holder. but in shall the amount paid on said
policy exceed the sum OF i've thousand dollars
Whenever the number of members shall exceed
five Thousand in the first class. and one thousand
in the second class the contribution OF aIl meine
exceeding he above shall he set apart in each class
a separate fund, and on the decease OF any policy
holder thereafter and as long said contributions
so exceed the shall be appropriated pro raj
for the purpose of diminishing said contribution
assessments, and said dlminution shall be the same
for each and every member OF the association. On
.a.Dr hnfp any
the officers of the association, accompanied with a
certificate Endorsed by the attending doctor, or jury
of inquest San assessment shall be made upon each
policy holder of the first class, IN case SAID de2tn
in said class of a sum not to exceed one DOL
lar and twenty-five cents, aud on every poncv
holder OF the second class IN case said deat occur
in said class of not to exceed five dollars and
fifty cents which shall be payable at the ONCE
of the association within thirty days after notlhca
ton. The failure to pay an assessment within the
above stated time shall be forfeiture OF his or her
policy and the name shall be erased from the books
OF the association. unless good and sufficient rea
sons are given, to be decided on by the Board OF
Directors within twenty days thereafter and the
arrears paid into the treasury. ANY policy holder
who has forfeited his policy on the ABOVE grounds
shall be debarred of all benefits arising from the
previous subscription, but shall not be prevented
from applying for new policy by subscription as
new member. All applications for membership
must be made to the Board OF Directors IN WIRING
stating name, age, residence, occupation; and any
false statement that shall come to the knowledge
the Board of Directors after the issue of the pol
lev shall anrul said policy.
| Applications shall not be received unless accom-
panied with certificate of respectable ply sclan
from the association physician, that the aPpl
cant is in good health and free from all consttlI
| tional or other pulmonary diseases
The association reserves the right to nave the
associations physician examine the candidate fol
admission, and in ail cases of examination by him
he shall be allowed fee of dollar. payable by
| the applicant. Upon the death OF member, tn,
Secretary shall immediately notify the policy hold
ers and call for the contributions as above specl
fed Said notification shall be published for nv
consecutive days in one newspaper puoiished II
New Orleans, in English i'll French, and one IL
German, and such publication shall be que notlc'
| to each policy holder.
ARTICLE VIII.
Transfers of policies shall be made upon the book
of the Association only The enrolment books o
the association shall be open to access at all time
- p''''s "' ARTICLE TX
The President shall appoint, before the expiration
of the term of the present Board OF Directors thre
discreet policy holders. who shall be judges OF cleo
| ton They shall cause the policy holders of tn
association to be notified by publication OF hve cor
secutive days in one newspaper published III Ne'
Orleans in English, one i'll French, ana one III Vel
ARTICLE Y.
| Should the earnings of the association exceed tn
sum of fifty thousand dollars III the ilrst class an
| twenty-five thousand dollars in the second clas
| the Board of Directors shall have the rlSnt 10 n
tribute such excess from time to tlmc 10 me ponSr
holders pro rata. dividends on the prohts OF tn
| association said dividends to be placed to til
credit of the policy holders. to be expended III pay
| ment OF future assessments provided; that II
| member shall he entitled to such dividend who ma
| not been a member twelve months preceding I'll
| day said dividend shall be declared
ARTICLE ri.
No member of this association shall he liable &c
any of the obligations OF the ASSOCIATION beyond TN
| sum sums which may he due the association d
| virtue OF he assessments aforesaid
ARTICLE XII.
| This act of incorporation may be altered {
amended or the affairs of the association put int
| liquidation by vote OF majority of the polio
| holders represented at any general meeting OF III
| policy holders called by the advertisements IN tn
| newspapers as aforcsaid provided, that a majorit
of the policy holders not being present at the TIN
| appointed, another meeting shall be called ate