New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-05-21
New Orleans. April II, 1871.
CHARTER.
QUARTER
| STATE OF LOUISIANA, PARISH OF ORLEANS,
CITY OF NEW ORLEANS.

|
CITY OF NEW ORLEANS
Before me, Antoine DoriOcourt, notary public,
ish of Orleans and city of New Orleans, State of
Louisiana, aforesaid, and in presence of the wit
| nesses hereinafter named and undersigned, came
| and appeared Robert II. Davis A. Socola :.
| CambOn, VI Befwin, F, Janfroid, R. Dumestre,
Bertrand Saoy, J. B. Solar, H. Manuel n. A.
| j. X. Gourdan Charles Kerr. NJ DraskOyich G. L.
Fevre V. BattalOra, Jamt j. Reiss, Ernest Pragst,
Francisco saneho, F. Schumacher A. Haber P H.
| Monsseaux Joseph Mizzi, Jacob Neuhauser, and
| others undersigned, who declared that, awaiting
themselves of the laws of the State of Louisiana
relating to the organization of corporations in this
State, have covenanted and agreed, and 90 by
these presents covenant and agree and bind tn
| selves together with others who may become assO-
| cia ed with them to form body corporate to
man and be governed by the following stipulations
and conditions which they adopt as the charter OF
ARTICLEI
This corporation shall be known by the name of
| the PEOPLES INSURANCE COMPANY OF NEW
| ORLEANS. and the domicile of the same shall be
established in the Second District of the city of New
Orleans.
This corporation is formed for period of twenty
five from the date of this act Of Incorporation
| ARTICLE ILL.,
| The oniect of this company is to transact gen
| eral insurance business, and particularly
| /. To make insurance upon dwelling houses,
| stores, and other buildings household furniture,
merchandise, and other effects and property,
| against loss or damage by fire.
| 2. To make assurances upon ships and other sea-
going vessels, steamboats, and other vessels,
| freights, goods, bills of exchange and other evil
| dences of debt commissions profits bullion or
money. and against all maritime or inland trans
portation risks bottomry and respondentia inter
ests in other words TO effect fire. marine and river
| insurance of any kind whatsoever, with privilege
| OF exercising all or either OF said purposes.
| 3. The company may cause itself to be reinsured
| against any risk upon which it shall have made in
surance; and all citation notices. and other legal
| proct IS wherein the company may he interested,
shall be served the president, in his absence
| on the vice president or secretary.
ARTICLE ".
The capital stock of this company shall be fixed
| at five hundred thousa d dollars, with the privi-
| lege of increasing it at any time to one million
dollars divided into shares of one hundred dollars
| each to be paid in follows Five per at the
| time of subscribing i've per cent upon the COM
mencement of business; hye per cent at sixty days
after the commencement of business; five per cent
| at ninety days after the commencement of bust
Dess the remaining eighty per cent in the prOms-
| sorry notes of the subscribers and of persons who
may hereafter subscribe to the capital stock, pay
able at one and two years after the commencement
of business; said notes of the subscribers to con
| tain prOviso to the effect that the Board of
| Trustees may postpone the payment of the same
| indefinitely or from year to year unless; in their
| belief the necessities of the company should at
| any time require the payment the notes previous
to maturity, in which event any portion of them
shall be due and payable at the office OF the com
| pany in such sums and at such times as the Board
OF Trustees may consider proper, thirty days after
| a notification of the same sha have been adver-
| tised provided that payment on account of said
notes shall be made prior to said notification with
| out the consent of the trustees, and that call
| shall be made at any time, for more than twenty
dollars each share.
| In the event of nonpayment of any installment
| or notes, provided for in the foregoing, the
| stock together with Accommodations, interests
or benefits pertaining to the same, shall be for
| teited to the company nevertheless the trustees
| may extend the term of payment, should they
deem it proper.
Receipts for installments and notes shall he
given to the subscribers, but said receipts shall
not be Il miserable unless with the consent of the
| trustees.
| Receipts also for the amount of the dividends
credited upon the notes shall be given but all of
the said receipts shall be returned to the company
| upon the issue of the certificates.
| No certificate of stock shall be issued until the
| same is paid in full.
| ANY dividend unclaimed for the term of three
years from the date declared shall be forfeited 70
the company and carried to the credit of the con
! tingent fund, after the publication of the
once week for four weeks consecutively.
ARTICLE "
All transfers of stock shall be made on the
books of the company upon the surrender OF the
certificates, and the transfers shall be signed by
| the stockholders or their legal representatives,.
ARTICLE VI.
| In all the month of July of each year state
| ment of the affairs of the company. made out in
| detail shall be submitted to the stockholders and
| the assured and published. Out of the net earn
ings of the company, after deducting the unearned
| premiums, ten per cent upon the capital paid i'll
shall first be credited upon the notes of the stock
holders and the remainder of the said earnings up
| to ten per cent upon the amount of premiums
earned, shall be paid in cash to the assured. Any
surplus of said earnings to be divided in cash be-
| tween the assured and the stockholders to the
stockholders in proportion to the capital paid in,
and to the assured in proportion to the amount OF
| the premiums provided the dividends do not, in
any one year, exceed twenty-five per cent; any
cess OF that rate to be added to contingent fund
to be held as guarantee against any loss or reduc
| ton of the capital, and should said contin-
| gent fund at any time exceed the amount
| OF the capital paid up IN cash, any surplus OF
| the same shall be divided among the assured and
| stockholders in proportion to their interests
| spectively of premiums and capital.
In the event it should become necessary to use
any portion of the capital in the settlement of
declared paid until said capital shall have been
| restored in amount out of tbs earnings or profits
| of the company
than five dollars shall be declared, nor shall any
dividend declared contain any fractional part of
five dollars, and that all such fractional sums shall
be carried to the credit OF the contingent fund.
ARTICLE VII
The device and seal of this corporation shall
present the statue in jackson Square with the in
scnptlon of the lame of this COMPANY.
ARTICLE VIII
The Board of Trustees shall have power TO invest
the money and capital of this company in good ana
stfnclent mortgages on improved and uhlhculh,
oert real estate, also in bonds or stocks created
under the laws of the United States anu OF thls
State; and they may loan money on pledge OF any
of the aforementioned securities, upon other APP
proved cOllaterals; they may take possession, at
the option of the trustees, OF any property NOV
| able or immovable, which may have been pledged
abandoned to said company for or concerning its
business operations they may buy, sell, hold, mort
gage or surrogate real estate pledge and transfer
stocks, bonds, movable or immovable property,
and generally 10 do and perform any act which
| NAV be necessary for the government and support
| of the company not inconsistent with the laws of
| the United States and of this State.
| ARTICLE TX.
| The company may commence business az soon as
two hundred and fifty thousand dollars shall have
| been subscribed.
| subscriptions to the capital stock of the COM
pany, subsequent to its organization shall be upon
| the same terms as the original.
Until the whole capital stock is taken up, the
subscription list shall remain open for new sub
scribers but it shall be closed to subscribers during