New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-09-16
CORPORATIONS.
CHARTER
......CHARTRR,


| Cohn, notary public for this parish and city a
New Orleans, duly commissioned and qualified, and
in presence of the witnesses hereinafter named and
| undersigned personally came and appeared NE
| parties whose nance are hereto subscribed, whe
that a ta s.s 81 an act Of
organization of corporations for works OF public f
provement and utility" approved on the fourteenth
themselves and those whom they represent, ns we1
| as those who may hereafter become members, =
form body corporate for the objects and purposes
ARTICLE
The name and style Of this corporation shall y
| cosmopolitan Mutual Aid Life Insurance Assosak
| ton, OF New OrleanA" Is
ARTICLE H.
This Corporation shall be located and have =
domcil in the city Of New Orleans. 1t shall EXIT
| for a term of twenty five years from the date ~
this charter. All legal process shall DC served g
the President tho acting President thereof ant
the property of this association shall at time
| eeed the sum Of three hundred thousand dollars.
ARTICLE III. M
The object of this association shall he to contD1e
for the of life, to issue policies for ME n
surance, and to do all acts relative to that Kind Of
insurance in accordance with the terms and pro
rsht to rensre and wSen tie number of ssS
scribers shall reach two hundred and fifty the sso-
citation shall commence operations, make eQntrae
ton sell property movable and immovabke, and
shall have and use a corporate seal ~
ARTICLE w. ~.
All administrative power shall be vested In ntnS'
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 tA
term OF one year The following persons shall cor.
stitute tho first Board of Directors and shall heh
Office for year from the date Of this char
f socE r Mnga saas c
sard, Simon Block s. Leopold. N. Stern L. b Cail
iollande s: simon haber Tho s, Be,ess0f
Bon kcaze N. L. Navarro and Leon G0dchaux. b
the event OF vacancy in the Board of Directors,
be filed by the election of another person by the
Board of Directors The Board of Directors SHAH
President and a Treasurer for the term they them.
selves have been elected They shall also elect
secretary who shall hold his Office during good be
havior, and such other officers as may Se
assoeiation The President shall presas
at all 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 assOeia-
ton generally under the supervision of the Board
OF Directors The Vice President shall preside at
the meetings aforesaid in the absence of the Pr,si-
dent, and shall perform all the duties devolving ON
ing upon the discharge of his duties, give bond
and security for sum designated by said Board OF
b@n lS' ne Sy sag OF Of 1e
tors. and which bond may be increased in amo,lnS
whenever the Board Of Directors may deem re-
qulsite.
This association shall be composed of two classes
of policy holders, each separate and distinct from
Of the first class and policy holders of the second
class. Females may also become policy holders II
both classes. without the right to vote.
ARTICLE VI.
Every male admitted member of this assoeia-
ton to the class designated as the first Class, shall
pay into the treasury, between the ages of sixteen
over the age of thirty years and up to the age Of
forty years. the sum of fifteen dollars; over the
and to the age fh Of fifty
years and up to the age OF sixty years, the sum
thirty dollars. No male can be insured after 81
age of sixty years; every female admitted inte~
the first class, shall pay into the treasury
the sum of five dollars additional over the
admitted into this class the age of fifty years.
ARTICLE VII
Each person admitted a member of the aseoeia-
shall pay into the treasury, between the ages Of
sixteen to thirty five years, the of thirty dol
;u ore Of tn1t years ana up TO nty years
son shall be admitted into this class Applicants
siding in the city must have resided so three fuH
years previous TO their application Females over
torty-tive years shall not be admitted to member
ship of the second class. The aforesaid sums Of
money, when paid shall entitle tire policy holder
of the first class to equal to one d liar for
each enrolled member and the policy holder OF tine
second class to a sum equal to Ave dollars for each
enrolled member payable to his or iler legal repre-
sentative assigns within sixty days after the
receipt of certified evidence of death of the policy
holder. but in shall the amount paid on said
policy exceed the sum oil five Thousand dollars.
Whenever the number of members shall exceed
in the second class the contribution of all members
exceeding fine above shall be set apart in each class
holder thereafter and asiong said contributions
exceed the excess shall be appropriated prOrata
for The purpose Of diminishing said contribution
assessments. and said diminution shall be the
for each and every member of the association. On
The notification of the death of any policy holder 10
the officers of the association, accompanied with
certificate Endorsed by the attending doctor, or jury
OF Inquest, an assessment shall be made upon each
policy holder of the first class case said death
De
lar and twenty-h cents, and every policy
holder of the second class in ease said death occurs
IN said class OF sum not to exceed five dollars and
nifty cents which sums shall be payable at the office
of the association within thirty days after notitca
above stated time shall be forfeiture of his her
policy and the name shall be erased from the books
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 a new policy by subscription ms
new member. All applications for membership
must be made to the Board OF Directors in writing
stating name age, residence, occupation and any
false statement that shall come to the knowledge
of the Board of Directors after the issue of the pol
icy shall annul said policy.
Applications shall not be received unless accom-
panied with certificate of respectable physician,
or from the assoeiation's yscian. that the apph
cant is in good health, and free from, all constita
tional or other pulmonary diseases.
The association reserves the right to have the
associations PHYSICIAN examine the candidate FOR
ADMISSION, and IN all cases OF examination by him,
he shall be allowed fee of dollar, pay able by
the applicant. Upon the death of a member, the
Secretary shall immediately notify the policy hold
ers, and call for the contributions above speci
fed. Said notification shall be published for five
consecutive days in one newspaper published in.
New Orleans, in English one in French and one in
German, and such publication shall be due notice
to each policy holder.
ARTICLE VIII.
Transfers of policies shall be made upon the books
of the Association only The enrolment books of
the association shall be open to access at all times
ARTICLE TX.
The President shall appoint before the expiration
of the term Of the present Board of Directors three
discreet cxholders. who shall be ud yes of cleo
ton. They shall cause the policy holders of the
ISOLATION to be notified by publication of five
sccutive days i'll one newspaper published in New
Orleans IN English, one in FRENCH and one III Ger
man
ARTICLE X.
Should the earnings of the association exceed the
sum OF fifty thousand dollars in the first class and
twenty-hv thousand dollars in the second class,
the Board of Directors shall have the right TO dis
tribute such excess from time to time TO the policy
holders pro rata, dividends on the profits OF the
association said dividends to be placed TO the
credit of the policy holders to be expended in pay
ment of future assessments provided, that no
member shall be entitled to such dividend who has
not been member twelve months preceding the
day said dividend shall be declared.
ARTICLE Al.
No member of this association shall be liable for
any the obligations of the association beyond the
sum or which may DE due the association by
virtue OF the aSSe ssnents aforesaid
ARTICLE XII. Z
Thia act of incorporation may be altered or
amended or the affairs of the association put INTO
by vote OF majority of the poicy -
holders represented at any general meeting OF the
policy holders called by the advertisements in the
of the policy holders not being present at the time
appointed another meeting shall be called after