New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-05-10
CORPORATIONS.
CHARTER

CHARTER
| OF THE
NBW ORLEANS INSURANCE ASSOCIATION,
| 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 IL rd 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.,
| notary public, duly commissioned and sworn, in
and for the parish and city aforesaid, therein
| residing, and in the presence of the witness es
| hereinafter named and undersigned, personally
| came and appeared the persons hereinafter named
| aud undersigned, who severally declare that they
| do, by these presents, form among themselves and
such others as may become associated with them
by subscription, purchase transfer or succession,
corporation under the general laws of this state,
providing for the organization of corporations, and
have agreed upon the following stipulations, TO
govern the same as the charter of the said corpora
| uon
l. The domice of this corporation is hereby estab-
ished in the said city of New Orleans Fad it shall
"NBW ORLEANS INSURANCE ASSOCIATION"
2. 1t shall commence business on or about the
fifteenth of September, 1869, and shall exist for
| twentyf five years from the date of this charter
Unless its affairs should be sooner liquidated and
| settled up by order of twothirds of the stock
| holders.
3. The President, or in his absence the Secretary
shall be the proper officer upon HON to cita-
! tons IN all suits against the association
ARTICLE H.
The objects and purposes of this association are
!. To make insurance on dwelling houses stores
and other bui dings household furniture,
chandlse and other property against loss or dam
age by fire:
q To make marine and river insurance upon yes
sells, freights, steamboats,, goods, wares,
chandise specie, LulliOns, bills of exchange,
m'ssions, profits bank notes and other evidence of
debt, bottOmry and respondents interests and to
make all and every insurance appertaining to or
connected with marine or inland transportation
risks.
3. To cause themsel YES to be reimbursed against
any risk upon which they have made or shall make
insurance
ARTICLE III
l. The capital stock of this association is hereby
fixed at five hundred Thousand dollars, with the
privilege of increasing it to 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.
z The association may commence business as
soon as three hundred thousand dollars shall have
been subscribed, but each fiscal year shall end
December 81, the first fiscal year to end on the
thirty-trst of December 1870.
). Transfers of stocks shall be made on the books
OF the association at 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.
ARTICLE ".
l. All persons who have subscribed or NAV here
after subscribe to the capital stock of this associ
ton, shall furnish their note for the amount OF
their shares payable oil the thirty first of Decem-
Der, 1871.
2. The notes furnished as above provided for,
shall be reduced by a 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 stockholder.
3. At the maturity of said notes. if the net profits
the association for the first and second wear have
q not he gta rEh hold
shall pay the balance due thereon.
I. The nonpayment of the balance due on the
said notes. as above provided for shall forfeit the
entire stock to the association, together with all
accumulation thereon and all interest or benefits |
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
5. No stakeholder shall, in any event be made |
liable for the losses of the association in any larger
than the of his her or their sHbsc in
tion to the capital stock, and his her or their in
debtedness to the association
ARTICLE v
l. All premiums shall be due and payable cash at
the end Of each month.
q 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.
g. All parties wishing to insure with the assoeia-
ton shall subscribe to the capital stock thereof,
and become stakeholder of the association; pro- |
consent of a special committee appointed for that
purpose by the Board of Directors or upon the re-
commendation of two or 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.
/. Within the month of January 1871 and 1872.
the president shall cause to be made statement
of the net profits of the association, and shall
cause the same to be published in at least two of
statement of the assets of the association, dis
tnguishing 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
2. The annual statement, to be made in January
1871 and 1872 as above provided for shall be made
up to December 81 preceding, inclusive, in the fol-
lowing manner, to wit: l. Showing the amount of
premiums received on fire, river and marine risks |
each, dedueting therefroIn the amount of same
paid on fire river and marine risks, each, and rein
surance, return premiums. g. Showing the inter
est Oh the portion of the capital invested.
ARTICLE VII
l. From and after the beginning of the third
year the stockholders shall pay premiums on
the assurances effected by them.
2. 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
be made statement of the losses and expensesp1
the association, to which shall be added two and a
hall per cent profits paid to the stockholders. |
their stock paid In full such part the reof 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, above pro-
vlded for, shall be made to the thirty-first OF
March, thirtieth of June, thirtieth of September |
and thirty first of December preceding inclusive
and shall be published above provided for in
section one OF Article six for the annual statements
10 be made in January, 1871 and 1872.
ARTICLE VIII
!. All the powers of the association shall be ex-
ercised by Board of Directors to consist OF twelve
persons, five of whom shall form a quorum for
the transaction of business.
2. The first election of directors of the associa-
ton shall be held on the fourth Monday of DeceIn-
ber 1870, and thereafter on the said day. in each
year, at such place in the city of New Orleans as
the president shall at least fifteen DAYS pre-
vious notice to be given in two of the public
newspapers priAte in said city. The Board of Di-
rectors shall appoint three of the stockholders of
the association inspectors to preside at such cleo
TONS and il any of the said inspectors decline or
fail to attend, the president may appoint others
to ill such vacancies.
s. 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
4. Those persons receiving plurality of votes
shall be considered duly elected. In the event of
no election taking place on the day aforesaid, the
president shall cause another election to take
place within ten days thereafter and give notice
Of the same by advertisement in one or more of
the public newspapers published in this city.
B. The Board of Directors shall annually, at their
irst meeting, elect president who shall, on his
election, be ey-Offico member of the Board of Di-
rectors, and who shall hold his office until his sue
IL III