New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-07-27
CORPORATIONS.
STATE OF LOUISIANA. PARISH OF ORLEANS,
CITY OF NEW ORLEANS.

| CITY OF NEW ORLEANS
Be it known that on this eighth day of June,
| in the year of our Lord one thousand elght
| hundred and seventy-one, and of the indepen-
dence of the United States OF America the
ninety.ffth, before me- William Joseph Casteli' a
notary public in and for the parish OF Orleans
fed and in the presence of the witnesses herein
after named and undersigned, personally came and
aDDeared the parties whose names are hereunto
subscribed who declared that, awaiting themselves
of the provisions of the laws of this State relative
to the organization of corporations in this State for
| works of public improvement and other purposes,
they have cOvenanted and agreed, and do by these
presents covenant and agree, and bind themselves
and those whom they represent TO form ana estaD-
lish and do hereby establish corporation or body
corporate, the objects and purposes, and under
the title, obligations, stipuations and regulations
| following, TO wit:
The name and title of the company shall be THE
| HERNIA INSURANCE COMPANY OF NEW Or
LEANS and its domcile is hereby established in
the civ of New Orleans 1t shall continue and exist
for twenty-five years from the date OF organization
1t shall commence operations Immediately on Or
ganizaton. 1t shall have corporate seal having
for device an Irish harp encircled by shamrock
and the name of this company and the date OF TINS
act.
SECTION /. The objects and purposes of the COM
pany are hereby declared to be
SECTION l. To make assurances upon dwelling
houses stores cotton presses and every other de-
scription OF buildings, household furniture, goods,
wares, merchandise, machinery, and other property
against loss damage by fire.
SEC 2. To make insurance upon shirs and sea-
going vessels steamboats,, and all other vessels,
freights, goods, bills of exchange and other evil
deuces of debt, commissions profits, bullion or
money and against all maritime and inland trans
portatiOn risks, ottOmry and respondentla inter
in other words, TO effect hre marine river anu
inland insurance of any kind whatsoever, with plvi
lege of exercising all or either OF said purposes
The company NAV cause itself to be reinsured
against any risk upon which 1t shall have made IN
surances.
sec. p The company shall and be sued in its
corporate name and all citations and other legal
process shall be served on the president OF the
company.
SEC. g. The Board of Directors shall have power
to invest from time to time the money and capital
of the company in bonds and mort cages on unin-
numbered and improved real estate, which in every
case, shall be deemed worth at least double the
amount loaned thereon
They may also invest the profits of the company
in any bonds or stocks created by or under the
laws of the United States CT this State, or of the
corporations of this State or city or make any
loans pledge of any of the aforesaid securities.
bonds or stocks OF any collateral or Dill OF ladin2;
provided this investment shall not interfere with
the prompt distribution of net earned premiums
for the current year.
They shall have power to dispose of mortgages
obtained by way of security, or of stocks pledged
for security, or of property conveyed to them IN
satisfaction OF debts pevlous y contracted or pur.
chased al public sale upon judgments or orders OF
seizure obtained by said company, or of any
property movable or immovable, which may have
been pledged or abandoned to said company for or
concerning the operations OF its business; but
nothing herein contained shall be so construed as
to authorize the said company TO discount negotla-
Bile paper or do any banking business, nor, either
directly or indirectly, deal or trade i'll buying or
selling movable immOvable property, goods,
wares merchandise; provided, also that the
company shall have the ght to purchase proper
tv OF building for the purpose OF establishing an
Office therein.
clerks and employees elected or employed by them
in the service OF the company, and shall also have
power to I'LL any vacancies which may occur IN
their number or in the presidency.
They shall have power 10 adopt such rules, regu-
lations and bylaws as to them shall seem best for
the transae ton OF the business of the company:
provided the same shall not conflict with the true
nj ent and meaning OF this mt
ARTICLE Ill
SECTION /. AL the corporate powers of the com
pany shall be exercised by the board of thirtyone
directors, to be elected from among the stock
holders provided that after the election OF di-
rectOrs for organization, no stakeholder shall be
eligible who does not hold in his name or that of
his firm, at least twenty-five shares, which stock
shall have stood il his name, or that of his firm,
the books of the company for at least three
months prior to the election.
No one shall be eligible for the position of d
rector of this company who is director of any
other fire, marine or river insurance company.
Nine directors present at any meeting shall con-
stitute a quorum cor business.
ARTICLE ".
SECTION l. The capital stock of this company is
hereby fixed at five hundred thousand dollars, di
vides into Eve thousand shares of one hundred
dollars each, subject ts be increased to million
of dollars under article twelve of this charter,
and il is hereby authorized to commence business
the capital shall be subscribed. The
stock to be paid fellows: Ten per cent of the
subscribed stock shall be paid in cash; for the
mainder OF ninety per cent the subscriber shall
furnish his note payable on demand, subject, how
ever to calls whenever in the opinion OF the Board
of Directors the necessities of the company shall
require it. In such cases calls shall be payable
within ten days after thirty days notice published
in two of the city newspapers Subscribers may
at any time pay in cash up TO the full amount of
their subscription but no dividend shall attach TO
such payments unless paid during the first three
months of the current fiscal year.
SEC. q Upon the failure of any StockhOlder to pay
the amount due on such call so made. the stock
owned by him, with dividends or increase shall be
liable to forfeiture to the company by vote of the
directors the company may enforce the pay
ment OF the stock. at its option.
SEC. g. No stakeholder shall ever be held liable
pOnsble for the contracts faults of said
company in any further sum than the unpaid bal
ance due TO the company on the shares owned by
him. and his Indebtedness to the company.
SEC. 4. All transfers of stock to be valid shall be
made on the books OF the company. no stock.
holder shall have the right to transfer his stock
until his matured obligations to the company are
fer his stock previous to the full payment of the
same having been made, he shall be permitted TO
do so by substitute of the obligations of the party
purchasing provided the substituted obligations
are satisfactory to the Board of Direc tors.
ARTICLE " e.
SECTION l. The election for directors shall be held
on the first Monday OfMay of each wear ut the Office
of the company. Notices of such elections shall be
given for at least ten consecutive days, inme-
diately preceding the election in at least two OF the
city papers
ers inspectors to preside at such elections, and if
any of said inspectors decline fail to attend the
president shall appoint others to act in their stead
ARTICLE VI
The first Board of Directors shall consist of the