New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-05-06
CORPORATIONS.
CHARTER

CHARTER
OF THE
NEW ORLEANS INSURANCE ASSOCIATION,
As amended by act of December l, 1870. and made
part thereof by reference.
UNITED STATES OF AMERICA,
State of Louisiana,
Parish of Orleans, City Of New Orleans. }
Be it known, that on this seventh day of the
month of August, in the year of our Lord one
thousand eight hundred and sixty -nine and of the
independence of the United States of America the
ninety-fourth before me, Gustave LIE Gardeur, Jr.,
a notary public, duly commissioned and sworn, in
and for the parish and city aforesaid, therein
residing and in the presence OF the witnesses
came and appeared the persons hereinafter named
and undersigned, who severally declare that they
do, by these presents, form among themselves and
such others may become associated with them
by subscription purchase, transfer or succession
coIp9fatlon, under the general laws OF TINS state
have agreed, upon the following stpulations to
govern the same this charter of the said corpora
ton:
The domicie of this corporation is hereby estab
lished in the said city of New Orleans, and it shall
be designated and known under the name of the
NEW ORLEANS INSURANCE ASSOCIATION"
2. IL shall commence business on or about the
fifteenth of September, 1869, and shall exist for
twenty-five years from the date of this charter
-nless its affairs should be sooner hquidated and
settled up by order of two-thrds of the stock
holders.
3. The President, or in his absence the Secretary,
shall be the proper officer upon whom to serve eta
lions IN all suits against the association.
ARTICLE II.
The objects and purposes of this association are
declared to be:
/. To make insurance on dwelling houses stores
and other buildings household furniture, mer
chandlse and other property against loss or dam
age by fire.
2. To make marine and river insurance upon
sells, freights, steamboats,, goods, wares, mer-
chandise, specie, kulliOns, bills of exchange COM
missions, profits, bank notes and other evidence of
debt, bottomry and respondents interests. and to
make all and every insurance appertanns to or
connected with marine or inland transportation
risks
B. To cause themselves to be reimbursed against
any risk upon which they have made or shall make
ARTICLE III.
l. The capital stock of this association is hereby
fixed at five hundred thousand dollars, with the
privilege of increasing it 10 one million of dollars
divided into shares Of hundred dollars each, to
be paid for at the time and in the manner herein
after provided for in article four of this charter
2. The association may commence business as
soon as three hundred thousand dollars shall have
been subscribed, but each fiscal year shall end on
thirty first of December, 1870
3. Transfers of stocks shall be made on the books
of the association al its office, in the city of New
Orleans only, but not while any Indebtedness to
the association exists the part of the holder;
provided said transfers have been approved by the
Board Of Directors.
AhllCLb ~.
l. All persons who have subscribed, or may here
after subscribe to the capital stock of this assOcia
ton, shall furnish their note for the amount OF
their shares payable on the thirty first of Deeem-
Der, 1911.
2 The notes furnished as above provided for,
shall be reduced by credit thereon of the net
profits made by the association in the first and
second year pro rata to the amount of earned pre-
miums that shall have been paid during that time
By each stakeholder.
g. At the maturity of said notes. if the net profits
~ fba fha first a41G
not extinguished the said notes, the stockholders
shall pay the balance due thereon.
1. The nOn-payment of the balance due on the
said notes above provided for shall forfeit the
entire stock to the association, together with all
accumulation thereon and all interest or benefits
thereuntO belonging; provided that the Board OF
Directors may extend said payments for such time
as they deem proper; provided also the stock so
forfeited may be transferred with the consent OF
the board of directors
5. No stakeholder shall, in any event be made
liable for the losses of the association i'll any larger
than the amount of his her or their subscr1p-
tiOn to the capital stock and his her their in.
debtedness to the association
ARTICLE V.
l. All premiums shall be due and payable cash at
the end of each month.
D. ANY losses or balance due on losses sustained
by the association at the beginning of its opera
tions, and when the association shall not have
sufficient funds to cover the same, shall be paid
pro rata by the stockholders.
3. All parties wishing to insure with the assoeia-
tion shall subscribe TO the capital stock thereof,
and become stakeholder of the associations pro.
vided, however. that by and with the advice and
consent of a special committee appointed for that
purpose by the Board of Directors, or upon the
eomlnendatiOu of two 7 more of the stockholders,
risks may be taken from others than the stockhold
ers, and such parties insuring will become entitled
TO such rebate as may be Established from time to
time by the Board OF Directors.
ARTICLE VI
l. Within the month of Sanuary 1871 and 1872,
the president shall cause to be made a statement
dESOCl1tlnn
cause the same to be published in at least two of
the city papers for one month, together with
statement of the assets of the association, dis
tinguishing the portion Of same which is cash and
the portion thereof invested in securities and the
nature thereof This publication shall be made
under oath of the president and secretary, and
shall be conclusive and binding upon all persons
interested.
2 The annual statement to be made in January
1871 and 1872 as above provided for, shall be made
up to December Il preceding, inclusive, in the fol-
lowing manner to wit: |. Showing the amount of
premiums received on fire, river and marine risks,
each, deducting theTefrOm tie amount of same
not terminated. 2. Showing the amount of losses
paid on fire, river and marine risks each, and rein
surance return premiums. 3. Showing the inter
est on the portion OF the capital invested
ARTICLE VII
l. From aud after the beginning of the third
year, the stockholders shalr pay no premiums on
the assurances effected by them.
?. But in the year 1872, and in each and every
year following, within the months of April, July,
october and January, the President shall cause TO
De nlaue statement the losses ana expenses OF
the association, to which shall be added two and
half per cent profits paid to the stockholders, on
their stock paid in full such part thereof that
shall have been paid and the amount thus formed
shall be paid pro rata by the parties insuring on
the earned premiums of the sums insured.
3. The statement to be made within the months
of April, July, October and January as above pro-
vided for, shall be made to the thirty first of
March, thrte tn of June, thirtieth of September
and thirty first of December preceding, inclusive,
and shall be published above provided for in
section of Article six for the annual statements
to be made in January, 1871 and 1872.
ARTICLE VIII
l. AN the powers of the association shall be ex-
ercised by Board of Directors to consist OF twelve
persons, five of whom shall form quorum for
the transaction of business
2. The first election of directors of the associa-
ton shall be held Oh the fourth Monday of Decem-
ber 1870, and thereafter ON the said day in each
year, at such place in the city of New Orleans as
the Board of Directors shall designate of which
the president shall cause at least fifteen days pre-
newspapers printed in said city. The Board of Di-
rectors SHAH appoint three of the stockholders of
the association inspectors to preside at such cleo
tiOns and if any of the said inspectors decline or
fail TO attend, the president may appoint others
to fill such vacancies.
g. The Board of Directors thus elected are TO
take their seats on the first Monday in January
after the election, and to hold the same one year
there from until others elected in their stead.
a. Those persons receiving a'pluraitv of votes
shall be considered duly elected. In the event of
no election t. king place on the day aforesaid, the
president shall cause another election to take
place within ten days thereafter, and give notice
the public newspapers published in this city.
s. The Board of Directors shall annually, at their